Stocks drop as bond surge warns of looming recession

Stocks take worst drop of the year as trade war flares

Indeed, the last time the United States labelled China a currency manipulator was in 1994. Stocks plunged on Wall Street Monday on worries about how much President Donald Trump's escalating trade war with China will damage the economy.

Central banks in India, Thailand and New Zealand announced greater-than-expected rate cuts Wednesday, following signals from the European Central Bank and the Federal Reserve toward monetary easing as policymakers around the globe try to mitigate the fallout from the trade war, which has bogged down two of the world's most powerful economic engines and is threatening to stall global growth.

"Market participants are growing increasingly fretful that the prospect of a U.S".

The S&P 500 index eked out a gain of 2.21 points, or 0.1%, to 2,883.98. The move caused pandemonium, pushing the Dow to a 760-point drop, and the tech-heavy Nasdaq, which houses many companies with high exposure to China, into one of its worst-ever sessions.

That means stocks recovered almost half the losses from Monday, when heightened trade tensions sent the Dow down 767 points. The Nasdaq composite index climbed 0.4% to 7,862.83. The Russell 2000 index of smaller companies picked up 14.67 points, or 1%, to 1,502.09. Stock indexes in Europe fell. Those concerns have grown as the conflict heated from a simmer to a boil last week, even as both sides resumed negotiations.

Beijing allowed its yuan to fall past the politically sensitive level of seven to the dollar on Monday following Trump's threat last week to extend punitive tariffs to an additional $300 billion of Chinese imports.

But the risk for further escalation is high.

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Here are some of the other big moves on Asian markets.

Dow Jones prices nosedived at a time of heightened volatility in the financial markets with the pan-European Stoxx 600 falling by nearly 2 percent - on top of a 2.5 percent drop seen on Friday, the worst performing day for it in 2019.

"Worry about global trade flows, as a stronger Dollars rumbles through the real economy and U.S". JPMorgan Chase fell 2.8% and Bank of America fell 2.7%.

Spot gold rose 1.4 percent to trade at $1,460.11 (£1201.67) per ounce at around 8:15 am ET (1.15pm BST) which marked its highest level since May 2013.

Bond prices rose sharply. The S&P 500 ended Wednesday up 1.8% from that early 2018 starting point. More than three quarters of the S&P 500 have reported financial results.

TOO BLAND: International Flavours & Fragrance tumbled 14.8% after the company trimmed its forecast following a disappointing earnings report.

Among other stocks, Take-Two Interactive Software jumped 8.0 per cent after the video-game publisher raised its full-year revenue forecast. That helped pull energy sector stocks lower. The price of oil tanked and the price of gold shot up to its highest level in six years as traders sought safe-haven holdings. The gap between the yield on the three-month Treasury and the 10-year Treasury widened further. Brent crude oil, the worldwide standard, slipped 11 cents to $58.83 a barrel.

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