Sharp sell off seen on the first trading day of 2016

Fresh manufacturing surveys revived concerns about Beijing's economic slowdown, triggering market declines so steep that authorities had to halt trading there for the rest of the day. The country's activity contracted for the 10th straight month in December - the official manufacturing PMI stood at 49.7 in December, while the Caixin manufacturing PMI fell to 48.2, both below the 50 level that indicates contract -ion The yuan, which begins new extended trading hours today, also hit its lowest point in more than four years in both onshore and offshore trade.

 World shares sold off sharply on the first trading day of 2016, as weak manufacturing data from China and a flare up in tensions between Saudi Arabia and Iran sent traders scurrying from stocks into safe haven assets. The plunge could likely silence any possible "January effect," which usually sees equities that were sold off in December for year-end tax harvesting rally over the next month as investors scoop them back up at lower prices.