European stocks are tumbling

Growing concerns about the health of the Chinese economy, a potential rate hike from the US next month coupled with a volatile Greek election are creating the perfect market storm.

Everything is down at the moment in Europe:

Germany's Dax: -0.40%

UK's FTSE: -0.62%

France's CAC40: -0.32%

Italy's FTSE MIB: -0.26%

Spain's Ibex: -0.68%

Asian markets closed lower today. The Shanghai Composite Index was down a whopping 4.27% while the Hang Seng Index in Hong Kong was down 1.27%. Brent crude is off 0.97%.

The biggest culprit was more poor data from China, according to Conor Campbell, a financial analyst at Spreadex:

Fresh 2015 lows are on the cards for a swathe of indices this Friday, as dismal Chinese manufacturing data extended the truly awful run of trading that has defined the middle of August. The worst August reading for the Caixin flash manufacturing PMI for 6 years meant the markets were greeted by some gruesome declines at the open.

While Augustin Eden at Accendo Markets saw "Dow Jones futures also under pressure 100pts off its overnight lows while Gold is holding up around $1155."