China's attempts to control its sharemarket are exasperating the nerves of investors.

Share prices are dropping quickly across global markets.

Greg Smith is head of research at stock market experts Fat Prophets.

He told Tim Dower investors are looking for some direction at the start of the New Year.

Greg Smith said China's weak manufacturing numbers earlier in the week set off something of a rout...

"You've got the Chinese officials desperately trying to control this stockmarket in the same way they're trying to control the economy, so if the index goes down by 7% then it gets shut for the rest of the day."