World stocks lose $1.5-trillion on bumpy Asian trade due to US trade storm
London — Modest gains from Europe’s main bourses relieved nervy investors on Tuesday, after the latest escalation in an increasingly global trade storm pummeled Wall Street and sent China into "bear" market territory. A 0.3% rise from the FTSE in London and 0.4% gains from Frankfurt and Paris were a welcome sight after another bumpy Asian session had extended a sell-off that has now wiped $1.5-trillion off world stocks. China’s yuan had slumped to a near six-month low against the dollar, while a 0.5% to 0.8% fall on big share markets left them down 20% from their January peaks, a threshold that defines a "bear" market. The dollar hovered near a 12-day low against a six-strong group of other top world currencies having drifted down against the euro, yen and pound, despite a modest uptick in US bond yields. "The sell-off in risk assets has eased, but it is certainly not the last storm we are likely to see coming from that direction," said Société Générale’s global macro-strategist Kit...
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