Stocks selloff: ‘All the concerns go back to China and oil’

US stocks tumbled yesterday following a renewed selloff across stocks worldwide as scepticism about the strength of the global economy intensified.

“What the market is focused on is Chinese hard-landing fear, oil prices and the strength in the dollar”, said Phil Orlando, who helps oversee $360 bn (€330.5bn) as chief equity-market strategist at Federated Investors in New York.

“We haven’t hit bottom yet. That’s when we start talking about the need to retest the summer lows and holding at that level to take us to long-term support,” he said.