Reuters
- Stocks fell across the board on Monday after the US ramped up tensions with China and continued to blame the origin of the coronavirus on a lab in the city of Wuhan.
- Although markets were closed in China and Japan Monday, stocks in Hong Kong plunged, aided by news that the territory's economy shrank by almost 9% in the first quarter of the year.
- European stocks also dropped, with the pan-European Stoxx 50 losing more than 4% by mid-morning.
- "If Trump continues with this stance of blaming China and remains determined to punish Beijing for this — as per his recent narrative— a "Mayday" type of situation could be the likely outcome for the global economy."
- Follow global market moves live with Markets Insider.
Stocks fell on Monday as tensions between the US and China racheted back up after senior Trump administration officials claiming that the coronavirus pandemic originated in a lab in Wuhan, and the president sent numerous anti-China tweets.
Asian markets fell first, with Hong Kong's Hang Seng index down more than 4% at the close Monday.
See the rest of the story at Business Insider
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See Also:
- 'Beware of the oddity': A Wall Street firm studied every market crash over the last 150 years to reveal how abnormal this one is — and concluded that stocks are doomed for another fall
- Quant megafund AQR explains why investors should be more worried about prolonged slumps than virus-style crashes — and details a 3-part process for protecting against them
- 'That's where the really big upside is': A CEO overseeing $36 billion pinpoints 7 areas of the market poised to rebound after plummeting as much as 60% this year
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