China’s stock market panic is casting a deep shadow over the global economy.

News reports said major economies including the U.S. and Europe, and Asian countries are feared to take a fresh hit from China’s continued stock plunge caused by concerns over its economic slowdown.

Stung by escalating worries about the health of the world’s No. 2 economy, China’s main Shanghai stock index plunged 8.49 percent on Monday alone, with the country’s purchasing managers’ index falling to a over six year low of 47.1.

The Shanghai stock market crash sent shockwaves across Asian equity markets on Monday, with South Koreas benchmark stock price index, KOSPI, nose-diving 2.47 percent from the previous session to close at 1,829.81.

In the day, equities in Vietnam, India, the Philippines, Saudi Arabia and Poland dropped at least 5.2 percent.