(AGI) Rome, Aug. 24 - Stock markets around the world suffered aBlack Monday. The slump in China's economy raised fears thatnot only affected Asian markets but also European stocks, whichlost up to 8 percent, although they regained lost groundtowards the end of the session. The wave of panic started withnews of the slowdown in Chinese growth, which is in danger ofnot achieving its 7 percent GDP growth target by the end ofthis year, after over three decades of double-digit growth. TheShanghai stock exchange was down 8.49 percent at close, afterhaving dipped 9 percent and zeroing all the gains made sincethe beginning of the year. This drove down all Asian stocks. Itwas the worst daily drop since February 1997. Chinese stocksfell also because the government didn't intervene to containthe losses. However they were partially curbed by the 10percent ceiling placed on drops in the Shanghai stock exchange. European stocks also took a nosedive because of concernsover the slowdown of China's economy and the steep drop in oilprices. At the close of the trading on Monday, London was down4.05 percent, Milan's FTSE MIB index 4.76 percent, Frankfurt3.92 percent, Paris 4.76 percent, Madrid 4.48 percent andAthens 10.54 percent. The plunge of Asian stocks drovedown the value of the dollar while it strengthened the euro andthe yen, both of which are considered safe haven currencies.The euro, which is used as a speculative currency in carrytrading, was at 1.15 against the dollar, approaching asix-and-a-half-month high at 1.1504 dollars. The euro also roseon the general belief that the U.S. Federal Reserve is unlikelyto raise interest rates in September, right in the middle ofthe Chinese crisis. The slowdown in China's economy and theplunge of Asian stocks also drove down the price of oil, whichwas already on a downward trend due to market surplus. Inelectronic trading markets, WTI Light Crude and Brent crudefell to a six-and-a-half-year low at 39.27 dollars and 43.72dollars a barrel respectively. The tsunami did not spare WallStreet, where the Dow Jones is down 2.47 percent and the Nasdaqhas lost 2.29 percent.. .