China sees biggest market loss in eight years

China's stockmarket has suffered its biggest fall in eight years today, on a day the Chinese media has already dubbed 'Black Monday'.

European shares are expected to feel the knock on effects in the coming hours.

Almost €7.4bn was wiped off the value of companies listed on the Irish Stock Exchange between Wednesday and Friday of last week.

Markets expert Nick Bullman says there are a number of factors behind the problems being seen in China.

"The devaluation in the Chinese Yuan, which was due to a slowdown in economic growth in China, compounded with that you have the Fed looking to raise rates in September or December of this year," he said.

"In addition to that, you have loans which have been valued in US dollars going to emerging markets that now need to be repaid in US dollars, as the commodities cycle comes to an end and commodities crash."