Total losses are estimated at equal to or below those last seen in 2007.
Triggered by a decline that erased all of China’s 2015 gains, Japan’s Nikkei and Topix, in addition to Australia’s S&P/ASX 200 and Taiwan’s Taiex, dropped over 4 percent.
In Europe, Britain’s FTSE opened down nearly 3 percent, French CAC 40 dropped 3.5 percent and German DAX lost 3.1 percent. The Europe-wide FTSE Eurofirst 300 was down an average of 3 percent.
Global markets concluded their worst week in 2015 by closing time last Friday against a backdrop of major selloffs in China. Beijing devalued its currency a week prior in an attempt to halt selloffs and boost exports.