Hong Kong and mainland China shares tank in global rout

Markets Right Now Dow down 800 as stocks sink steadily

The market's turmoil began last Friday and has continued this week as investors anxious about early signs of inflation.

The market opened little changed on Thursday but started to fall in early trading and extended its losses throughout the morning.

Tencent Holdings, the most valuable company listed in Hong Kong, fell 3.1% to HK$407.40 after briefly dropping below the HK$400 level earlier in the day.

The Asian sell-off follows a 1,033-point plunge for the Dow Jones industrial average, which sliced 4 percent from the index Thursday to close at 23,860. It's still up 15 percent over the past year. Its last month's stock price volatility remained 2.39% which for the week approaches 1.21%.

The Bank of England said Thursday that it could increase rates more quickly than expected because of a booming global economy and rising domestic prices. That's good for the economy, but investors anxious it will hurt corporate profits and that rising wages are a sign of faster inflation. Fast rising interest rates would make that argument much less persuasive. Boeing and Caterpillar took some of the worst losses.

So far this year, the Shanghai stock index is up 0.06 percent, while China's H-share index is up 6.2 percent. Four stocks fell for every one that rose on the New York Stock Exchange, and 10 out of the 11 industry sectors in the S&P 500 index were down.

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The drop in crude prices again hit energy firms, with CNOOC, PetroChina and Sinopec diving in Hong Kong and Woodside Petroleum sharply lower in Tokyo. The yield on the 10-year Treasury note fell to 2.82 percent from 2.84 percent. That combination usually carries stocks higher. Those stocks fall out of favor when bond yields rise, as they have been for the past few months, and many expect the trend to continue. All three had dropped around 2 percent the day before.

American employers are hiring at a healthy pace, with unemployment at a 17-year low of 4.1 percent.

Chico's FAS, Inc. has a consensus hold rating from 12 Wall Street analysts, and the number of shares now sold short amount to at least 13.04% of shares outstanding. The stock dropped $27.21, or 30.9 percent, to $60.83.

Wells Fargo & Company MN boosted its position in China Unicom (Hong Kong) Limited (NYSE:CHU) by 28.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. GrubHub will provide the delivery people and technology to let people order food from those restaurants. India's Sensex retreated 1.1 percent to 34,017.83 and benchmarks in New Zealand, Taiwan and Southeast Asia also fell. Britain's FTSE 100 shed 1.1 percent. WTI light sweet crude oil was down 64 cents or 1 percent to $61.15/bbl. That also sent the pound higher.

In Europe, Germany's DAX fell 1.2 percent, while France's CAC 40 lost 1.4 percent.

The Dow was down 501 points, or 2 percent, to 24,397. The Shanghai Composite Index tumbled 5.5 percent before ending the day down 4 percent at 3,129.85.

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