China stocks crashed and all Asian markets suffered major losses. Europe is China's largest trading partner, and the world's second biggest economy is a vital market for big German companies such as Daimler DDAIFVolkswagen VLKAF and Siemens SIEGY.

Worries that China is stumbling also trashed commodities. China's benchmark Shanghai Composite index declined 8. In Japan, the Nikkei closed down 4. Stocks in India suffered their biggest fall in more than seven years.

The losses went beyond stocks and commodity markets.

Asian Stock Markets - CNNMoney

Many emerging market currencies -- including Russia's ruble -- tumbled against the U. Uncertainty over when the U. Federal Reserve will raise interest rates for the first time in nearly a decade.

The effect of exceedingly cheap oil, which slams exporting countries as well as drilling companies. Massive selloff at the open Monday: Click here for the latest. Concerns mounted after a key gauge of China's manufacturing activity tumbled to its lowest level in 77 months. This week, investors will get a closer look at Chinese imports, vital for many countries that rely on China as a trade partner. The Dow plummeted by more than 1, points last week -- its worst five-day run since The Shanghai Composite fell The dollar weakened against other major world currencies such as the euro, British pound and yen, on speculation that the global market turmoil may push back a U.

China still has firepower to boost its economy.

Many investors and economists had bet forex scalper pro guide a Fed rate hike forex ltd uk September, something it hasn't done since But in the Fed's minutes published last week, committee members sent global stock market crash market mixed messages.

Global stock market crash rate hike would increase borrowing costs -- interest on loans -- for companies in definition for earnest money markets.

It would also make American debt more attractive to investors, which means they could dump emerging market debt. Oil is a lifeline of economic growth for many developing countries, which are also seeing tournaments binary options for beginners without capital currencies lose value because of their economic exposure to China.

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