All eyes are on Europe’s stock exchanges on Tuesday following Monday’s heavy losses which saw the Amsterdam AEX index close down 5.2% at just under 420 points.

Earlier in the day, the blue chip index had been down by as much as 9% as fears grew that the economic crisis in China could turn out to be more serious. Monday’s loss was the biggest since 2008 and wiped out all of 2015’s gains, the Financieele Dagblad says.

China’s central bank devalued the country’s currency, the yuan, two weeks ago and investors are concerned that the country’s economy could slow down significantly.

This could mean that firms and countries which rely on high demand from China will be affected. In Amsterdam, Shell was hard hit with a drop of 7.7% while steel maker Arcelor Mittal fell over 9%.

Germany’s Dax and the Ftse-100 index both closed down 4.7% on Monday. The US Dow Jones index was down 6% within minutes of its opening and the Nasdaq fell by more than 8%. Both recovered during the day to close down 3.6% and 3.8% respectively.