Extreme Turbulence Grips Global Markets
Measures of financial stress are easing this morning after an absolutely wild night in global markets. The dollar is consolidating its losses after enduring something resembling a “flash crash” as Asian markets opened yesterday evening, the S&P 500 is recovering from a circa-3-percent move, and ten-year Treasury yields are stabilising near 4.8 percent after rising by the most in a week since the late eighties. The trade war between the United States and China is still escalating. On Wednesday, President Trump said he was imposing a 125-percent tariff on imports from China, and the White House yesterday clarified that this...