Selling spree triggered by fears over China GDP growth sent the global markets spiraling down on Friday. The market sentiment was further dampened with oil price sliding below $40 a barrel.

The panic selling on the Wall Street took it to six-month low, while FTSE-100 suffered its worst fall during past nine sessions consecutively since 2011. The market capitalization of FTSE-100 stocks was wiped out by GBP46 billion.

S&P-500 slipped below 2,000 mark, lowest since February. It is estimated to be $3.3 trillion erosion in the global equities value. It's worst day since November 2011. 

The latest data about the sluggish manufacturing sector in China was the main culprit that pulled the global indices lower. On the other end, oil price crash below $40 per barrel, the first time since 2009, did the rest of the damage to the global stock markets. The oil price recorded its worst and longest losing streak since 1986. 

The ongoing market crash saw all the major stock exchanges across the globe bleeding. Shanghai stock market lost one-third of its market capitalization in the past two months. Hong Kong market tumbled by 20 percent since June this year.

The latest data revealing that China growth rate is grinding to a halt came out as a thunderbolt on the market, which had already been reeling under pressure as key factors such as Greece turmoil, oil price drop, possible hike in interest rate by US Fed were taking a toll on the market sentiment. 

According to a rough estimation, the market capitalization of global equities was slipped by $3.3 trillion since China's decision to devalue its currency, Yuan. The slowdown in global economy coupled with a stronger dollar and weaker oil price is impacting the corporate financial performance across the globe. The latest concern for the markets is that the US Federal Reserve is favoring a proposal of increasing interest rate. The Fed raised interest rate last time was in 2006. 

The Wall Street and Europe markets fell over three percent. Market analysts opine that there were several factors that triggered panic selling. Investors also prefer to minimize the risk factor that prompted them to sell off their holdings. 

The emerging markets, bonds, currencies, every segment of the global financial markets were bleeding, commented an analyst. Chinese growth was crucial for demand in commodities in developing nations. Slight negative news also will significantly impact the market sentiment, observe market analysts. Crude prices suffered their worst losing streak in the past 30 years. 

Dow Industrial and Nasdaq fell over 10 percent from their peaks this year. Down Jones Industrial touched its peak level this year in May and since then it slipped into pressure in volatile trading. The high level of volatility sent the S&P 500 index lower registering its worst ever week during the past three years.