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Global Stocks Are Plunging, but It’s Not 2008 Again – Yet

The markets are plunging, but that doesn’t mean we’re back in a 2008-like crisis, one expert said. ‘I don’t think we’re there yet - I think’s it’s little a bit too soon to be drawing those sorts of comparisons,’ said Michael Hewson, chief market analyst at CMC Markets, based in London. ‘The Chinese economy is slowing – there’s no doubt about it – but it’s still growing and I wouldn’t be concerned about these declines in stock markets until we break through the August [2015] lows.’ Billionaire investor George Soros raised eye brows saying the troubles seen in China were reminiscent of the ‘crisis we had in 2008,’ according to The Sunday Times in Sri Lanka. A trading halt in China was triggered Thursday after just 30 minutes of trading - its shortest session in history - as circuit breakers kicked in to prevent a massive sell off. The benchmark Shanghai Composite Index fell just over 7 percent. TheStreet’s Scott Gamm reports from New York.
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