China Stocks Tank Again

They post a big drop for the second time in a week.
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Chinese stocks plunged for the second time in a week Monday, dropping 8.3% in their biggest single-day slump since Feb. 27.

The Shanghai Composite slid 330 points to 3670, less than a week after topping out at 4334. World markets shrugged off the decline, which marked the third drop in the Shanghai Composite in four days. The Chinese market has dropped 15% off last Tuesday's all-time high -- including a 6.5% decline last Wednesday -- but remains up 37% for the year.

But unlike in February, when the Chinese market tanked 9% and set off a worldwide plunge, the follow-on selling was limited. In Japan, the Nikkei rose 14 to 17,973, and Hong Kong's Hang Seng rose 127 to 20,729. In Europe, France's Cac fell 36 to 6132, Germany's Dax slid 30 to 7958 and the U.K. FTSE was off 28 to 6649.

Early Monday, U.S. stocks appeared headed lower, with Dow Jones Industrials futures down 32 points and Nasdaq futures down 4.