Global stock markets and oil hit as concerns over China property giant worsen

One analyst called it "a sea of red kind of day for global markets"

Hong Kong shares slumped amid the biggest sell-off in property stocks in more than a year as traders tracked the risk of contagion from the debt crisis at developer China Evergrande, which is fueling new fears about China’s growth path.

The global stock rout sparked by investor angst over China’s commercial property market and its property giant Evergrande worsened, with US stocks falling more than 1% and European equities tumbling the most in more than two months.

The S&P 500 fell the most on an intraday basis since May but the the US benchmark index is still up around 16% this year. The market is also concerned about the potential for the US Federal Reserve to taper its Covid-19 emergency supports.