China stocks nosedive on Monday

Chinese shares slumped on Monday amid weak economic data.

The benchmark Shanghai Composite Index plunged 8.48 percent to close at 3,725.56 points. The smaller Shenzhen Component Index fell 7.59 percent to close at 12,493.05 points.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 7.4 percent to end at 2,683.45 points.

The National Bureau of Statistics said on Monday that profits at major Chinese industrial firms dropped 0.3 percent year on year in June, down from a 0.6 percent growth posted in May.

The flash Caixin China Manufacturing Purchasing Managers' Index (PMI) released on Friday retreated from 49.4 in June to 48.2 in July, the lowest since April in 2014.