US stock markets open with worst performance since 2008

The Dow Jones Industrial Average took a New Year's dip as world stock markets fell on news China's manufacturing sector continues to shrink

US stock markets got the post-New Year's blues on Monday, opening with their worst performance since 2008, driven down by a slowdown in China's economy and more trouble in the Middle East.

The Dow Jones Industrial Average closed down 1.6% after staging a late rally. It was still its worst post-New Year performance in eight years. The Dow had been down 2.5% in the morning, a new year trading dip unseen since 1922 when the markets closed down 2.3% on the first day of trading after the holidays.

Markit #US Manufacturing #PMI falls to 51.2 in December, lowest level since Oct'12 https://t.co/kSnmmAbUqU pic.twitter.com/KtkpIgnjlg