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The markets truly lost their minds on Wednesday afternoon. After a broadly recuperative September, October has gotten off to a dreadful start. Still having nightmares over yesterday’s manufacturing data, and worried by a lacklustre ADP nonfarm number, the Dow Jones began to properly gush blood after the WTO freed up the USA to impose tariffs on $7.5 billion in European goods, ‘settling’ the row over illegal EU subsidies to Airbus. With the economic hostilities between the US and China clearly having an impact on the global economy – just check out the week’s wave of painful PMIs – the WTO clearing the runway for an aggressive escalation on another front in Trump’s trade war is exactly the opposite of what investors wanted to hear. And they weren’t shy about voicing their displeasure. Wednesday’s casualties were widespread and on both sides. The Dow Jones lost 450 points, sinking to 26100 for the first time in over a month. The DAX, meanwhile, shed almost 300 points as it tumbled under 12000, with the CAC down 2.8% and stuck the wrong side of 5450. Most in need of medical assistance was the FTSE, which plunged more than 3% to sink below 7150, undoing all of September’s steady recovery in one fell swoop. Not only does this free-up Trump to attack the EU, it puts even more pressure on the month’s trade talks between the US and China, investors desperate for one battle to come to an end if another is just about to start.
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