Trade spat wipes out $1 trillion from global stock-market values
Trade tensions have sent US stocks lower in five of the past six sessions.
By Bloomberg |
By Luke Kawa
The flare-up in trade tensions sent global equities to the steepest losses of the year, wiping more than $1 trillion from stock values around the world Monday.
The MSCI All-Country World Index fell 2 per cent as of 12:55 p.m. in New York, headed for the worst day since early December. Selling was heaviest in the US, where the S&P 500 Index plunged 2.5 per cent and the Nasdaq Composite tumbled more than 3 per cent. European shares lost 1.2 per cent and emerging-market stocks slid 1.7 per cent.
Trade tensions have sent US stocks lower in five of the past six sessions. Selling intensified Monday after China defied the Trump administration’s warning not to retaliate for his imposition of higher tariffs Friday, driving demand for havens from gold to the yen while punishing risk assets.
