Wall Street downturn fuels recession fears

There have been major losses on Wall Street with US stocks sent into free-fall over fears of a possible recession. The Dow Jones dropped about 600 points in early trade before falling more than 800 points or about three per cent at the close. It was the fourth largest daily drop on record with weak German and Chinese economic data to blame for sparking fears of an impending global slowdown. The drops erased Tuesday’s optimism following President Donald Trump's announcement that he would delay imposing new tariffs on some Chinese imports. The ongoing trade war and the Federal Reserve's interest-rate policy has caused weeks of volatility in the global market.

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