Global markets were on Monday hit with a bout of severe tumult as concerns swirled over the trajectory of the US economy and traders rapidly unwound bets that have dominated this year.
Japan was at the centre of the late summer storm, with its Topix index tumbling more than 12 per cent in the biggest sell-off since the “Black Monday” crash of 1987. Selling spilled into US and European markets, with Wall Street’s S&P 500 falling around 4 per cent.
What is behind the sell-off?
In short: recent economic data has punctured the widely held view that global policymakers, led by the US Federal Reserve, will be able to cool inflation without too much collateral damage.
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