- The fall of the Chinese market has resulted in about $4 trillion wipe-out
- Chinese imports and exports have fallen about 8 per cent since July 2014
Chinas falling exports and stock prices, and low oil prices have resulted in dampened market returns in the Middle East and North Africa (Mena) region in July, according to the Kuwait Financial Centre (Markaz).
Markaz reported that in July, Abu Dhabi had the highest returns (2.3 per cent), followed by Oman (2.1 per cent), Morocco (1.7 per cent), Dubai (1.4 per cent), Qatar (-3.4 per cent), Bahrain (-2.6) and Egypt (-0.5). Market activity dropped during the month of Ramadan and were expected to rise after Eid.
Chinese stocks dropped about 15 per cent in July. The fall of the stock market since June has resulted in about $4 trillion being wiped out from the market.
Chinese imports and exports have fallen about 8 per cent since July 2014.
Bank of Communications economist Liu Xuezhi told Bloomberg, Exports are no longer an engine for China growth, no matter what the government does, its just impossible to see strong export growth as in the past.