US stock markets started the week on the back foot and have continued retreating, alarmed by soft economic data from China.
The industrial profits of the world’s second-largest economy fell by 8.8% last month, and are down 1.9% for the year to date.
The Dow Jones index was down 317 points at 15,997 ahead of the closing bell; the S&P 500 was off 49 points at 1,882 and the Nasdaq Composite was 142 points weaker at 4,544.
The latter has apparently produced a "death cross" chart pattern, which has got the market's entrails students and rune readers excited.
Aluminum producer Alcoa (NYSE:AA) defied the trend, rising 5.2% to US$9.56, after it announced plans to split in two.
The proposed hiving off of the sexier technology-led aspects of the business from the old school bauxite, alumina and aluminum operations got the thumbs-up from investors.
Media and technology company Comcast (NASDAQ:CMCSA) tumbled 2.9% to US$55.89, after it agreed to buy a 51% stake in Universal Studios Japan for US$1.5bn.
Energy Transfer Equity (NYSE:ETE) lost one-ninth of its market value, sliding US$2.90 to US$20.35, as it agreed a merger with Williams Companies (NYSE:WMB) - down US$4.81 to US$36.78.
There was a better response to the agreed takeover of Media General (NYSE:MEG) by Nexstar Broadcasting Group (NASDAQ:NXST).
Media General rose by 22.3% to US$13.64 while Nexstar fell 95 cents to US$43.58 as investors applauded the deal, which values the local television station owner at US$1.85bn.
Sprint (NYSE:S) back-pedaled 25 cents to US$4.05; the fourth-largest U.S. mobile operator said it will not participate in a scheduled auction of government airwaves set for early 2016.
Environmentalists were cheered when Royal Dutch Shell (NYSE:RDS.B) decided to cease further operations in the Arctic exploration project for the foreseeable future.
The oil and gas ‘super-major’ made the announcement following a disappointing drilling result on the Burger well. The Anglo-Dutch company blamed the Burger result, the high cost of drilling in the remote location and an “unpredictable federal regulatory environment” for the decision to quit.
Shares of Shell American Depositary Receipts slipped US$1.29 cents to US$46.00.
Another European heavyweight under the cosh was Volkswagen (OTCMKTS:VLKAY), down 6.4% at US$24.05, as the market waits to see whether the new boss will instigate a change of direction for the shamed German car maker.