Market Insider

Traders look to China to stop meltdown

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Awaiting China's open

The world is looking to China to calm global markets.

After Monday's market bloodbath, traders around the globe were awaiting the Chinese market open and some type of soothing announcement from the Peoples Bank of China.

"The markets are on pins and needles," said Boris Schlossberg, managing director, currency strategy at BK Asset Management. "I think you could see another vicious round of selling if Chinese central bank authorities stay quiet for another night."

Stock futures were slightly higher in the U.S. in early evening trading, after the market's steep plunge took the Dow down 588 points. The Shanghai market Monday was down 8.5 percent, and traders around the world reacted to the possibility that China's stock market is signaling a broader slowdown in China.