The US has ramped up tariffs and it looks like we have a real trade war on our hands. Taking on China reminds me of Buck Owens' old song, "I've Got a Tiger by the Tail." Stocks don't like that, and cratered around the world, starting with a 1.7% decline in the Asia Dow. European markets aren't as directly affected, but saw the writing on the wall, sending the STOXX 600 down 0.7%. In the US, the Dow Industrials opened about 300 points lower, and stayed around that level most of the day.
Bonds and the dollar were beneficiaries of the day's "risk off" sentiment. The 10-year note's yield fell to 2.89%, and the US dollar index rose to 95.07, up half a percent.
Precious metals failed in terms of being safe havens, as they face their own technical rout. Gold surrendered another $2, silver another 14 cents, and feckless platinum saw ... Log in or subscribe to continue reading.