Wall Street has suffered its biggest drop since the coronavirus crisis began, as global markets suffered another day of very hefty losses.
Led by a nearly 10 percent crash in Australia, stocks around the world show investors still fear for the global economy.
Shares have tumbled after US President Donald Trump restricted travel to the US from mainland Europe in a bid to slow the spread of the coronavirus.
Trading on U.S. stock exchanges was halted immediately after opening on Monday, as the S&P 500 fell 7%, triggering an automatic 15 minute cutout put in place after the 2008-9 financial crisis.
U.S. stock markets tanked and the Dow Jones Industrials shed more than 800 points on Friday, as the global tally of coronavirus infections surpassed 100,000 and jittery investors took cover in the perceived safety of bonds and gold
The positive turn came after global markets took a pounding last week as the virus spread across many countries. Pandemic fears wiped out more than $5 trillion from a major global equity index and stocks logged their biggest falls in more than a decade.
The U.S. government has determined that China is manipulating its currency and will engage with the International Monetary Fund to eliminate unfair competition from Beijing, U.S. Treasury Secretary Steven Mnuchin said in a statement on Monday.
Wall Street sank on Monday after China defied Washington by announcing retaliatory tariffs, the latest salvo in the two countries’ increasingly belligerent trade war, sending investors fleeing equities for less risky assets.