World shares extended a losing streak today as bourses came under pressure from weak Chinese trade data (see below) and fallout from Monday's oil price rout, which saw crude plunge 6% to its lowest level in almost seven years. "All of this is just a reminder of the weaker China macro story, which is passing through into the global backdrop as we have seen with the drop in oil prices, as no one is prepared to cut supply," said Simon Quijano-Evans, chief emerging markets strategist at Commerzbank. Investors are also moving to the sidelines before next week's meeting where the Fed is expected to raise U.S. interest rates.