China plunges 8.5%, triggering global rout

World stocks sank on Monday after an 8.5 percent plunge in Chinese shares that stoked mounting fears of a China-led global economic slowdown.

The Shanghai Composite had its worst day since February 2007, wiping all gains this year in what Xinhua, the official Chinese news agency, dubbed “Black Monday," according to the Financial Times.

The rout quickly spread to all other Asian indices and from there to Europe, with the FTSE Eurofirst 300 down 2.8 percent by mid-morning, and the FTSE 100 dropping 2.4 percent to its lowest level since June 2013.

Read more from the Financial Times.