BREAKING: Chinese Stock Markets Halt Trading for Day

Chinese stocks have plunged overnight, triggering an automatic trading halt for the rest of the session.

The Shanghai Composite tumbled 6.85 percent to 3296.66 and the Shenzhen Composite plunged 8.1 percent. The CSI 300 briefly plummeted 7.02 percent; when that index rises or falls 7 percent, a trading halt in China's markets is triggered for the rest of the session.

More coverage in today's EPJ Daily Alert---and it's ramifications for US markets.

 -RW

UPDATE

Via Bloomberg

Under the circuit breaker rules finalized just last month, a move of 5 percent in the CSI 300 triggers a 15-minute halt for stocks, options and index futures, while a move of 7 percent closes the market for the rest of the day.

UPDATE 2:

Now US stocks plunge. The Dow is down more than 450 points, SEE: Stocks Break: Dow Down 450 Points Plus