Today in MetalCrawler, the Chinese stock market has ignited a second worldwide selloff in less than a week and the Commerce Department is investigating allegedly dumped imports of steel washing machines from China.
Chinese Stock Market Selloff
Market turmoil in China spread around the world again this morning, as global investors grew more anxious about the country’s currency and the health of its economy.
Chinese stocks plunged on Thursday, by more than 7%, forcing officials for the second time this week to halt trading for the day — in this case, after just 29 minutes of trading.
The carnage extended to the US. Coming off a sell-off on Wednesday, the Standard & Poor’s 500 stock index fell 1% in early trading, and the Dow Jones Industrial Average was off 0.9%. The Nasdaq Composite dropped 1.4%.
Commerce Investigating Washing Machine Shipments
The Commerce Department initiated an anti-dumping investigation of large residential washing machines from China yesterday.
The investigation, asked for by Whirlpool, covers both washing machines and their mostly metal parts, so long as they are not commercial (coin-op) or stacked washing machine/dryer combinations, which are exempt from the investigation.