'Fear index' soars 118% in largest ever weekly rise

Investors rush for the exit amid China fears

The VIX index, a key measure of global volatility levels, has recorded its largest ever weekly percentage increase, jumping 118.5% last week.

After bottoming near multi-year lows earlier in the month, the CBOE Volatility Index (VIX) - which measures implied volatility on S&P 500 stock options - has soared as the global equity rout continues. The index rose 46.5% on Friday to 28.03, more than double its closing level of 13.02 on Monday, 17 August, pushing it to the highest level since the European sovereign credit crisis in 2011. It has also soared above its long-term average of 20. This weekly rise of 118.5% beats the 91% jump seen in one week in September 2008, at the height of the financial crisis. Panic-selling has en...