The market rout triggered by Donald Trump’s tariffs deepened on Monday after the US president signalled he would not back down from his aggressive trade policies despite growing fears of a global recession.
Equities fell heavily, haven currencies rose and bond yields declined. The S&P 500 down 2.1 per cent shortly after the US market open, having earlier fallen as much as 4 per cent and briefly entered a bear market. The Nasdaq Composite lost 2.1 per cent.
Earlier in the day, Asian shares were pummelled, with Hong Kong’s Hang Seng index down more than 13 per cent, its worst single-day fall this century.
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