Dow plunges almost 800 pts: Aus share to drop at open

Trade-sensitive shares were undermined by a failure by Donald Trump’s aides to detail the deal that he said he had struck with China

The Dow Jones Industrial Average lost 3.1 percent to 25,027.07.

Bond prices soared, sending yields lower, as traders shoved money into lower-risk investments. Shares of major USA banks also took a dive with Citigroup, Morgan Stanley and Capital One bottoming out at 52-week lows.

Investors were focused on U.S. Treasury yields, where the benchmark 10-year yield fell to its lowest point since mid-September.

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Hong Kong's Hang Seng index fell 1.6 percent to 26,840.74 points and the Shanghai Composite Index lost 0.7 percent to 2,647.55. The Dow plunged 690 points, or 2.8 per cent, to 25,130, more than erasing its 488-point gain over the previous two trading days.

Big technology companies also suffered, including Apple, which fell 4.4 per cent, Amazon, down 5.9 per cent and Microsoft, which lost 3.2 per cent.

The wave of selling erased the market's gains from a day earlier, when stocks rallied after the USA and China agreed to a temporary truce in their trade dispute.

Stock and bond trading will be closed in the U.S. Wednesday in observance of a national day of mourning for former President George H.W. Bush.

The jitters helped drive demand for government bonds Tuesday, pushing prices higher. Citigroup fell 4.5 percent to $62.26. Advanced Micro Devices dropped 10.9 percent to $21.12, while Micron Technology lost 7.9 percent to $36.88.

The trade-sensitive industrial sector .SPLRCI fell 4.4 percent, with Boeing BA.N and Caterpillar CAT.N declining 4.9 percent and 6.9 percent, respectively.

In other stocks, utilities software developer Gentrack, which has extensive operations in the United Kingdom and Europe, led the market lower, down 4 per cent at $5.52 in light trading, continuing its weakness since acknowledging concerns about its growth outlook. Brent crude, used to price worldwide oils, lost 63 cents to $61.45 per barrel in London.

China, U.S. agree to temporary truce on new auto tariffs
Hopes of a breakthrough at the G20 had been undermined right before the meeting by comments from the U.S. president. Hong Kong's Hang Seng index is up 2.8 percent, while futures are pointing to a higher open in North America.

Technology companies, banks and industrial stocks accounted for much of the broad sell-off. Long-term yields dropped, which while reducing the threat of inflation suggests investors are expecting an economic slowdown, if not a recession in the next two years.

The S&P 500 index slid 79 points, or 2.9 percent, to 2,710 as of 1:29 p.m.

Apple lost 3.7 per cent to $177.99 after the consumer electronics giant was downgraded by HSBC analysts, citing the possibility that iPhone volume and value growth may moderate due to a saturated mobile phone market. The Russell 2000 index of smaller-company stocks gave up 51 points, or 3.3 per cent, to 1,497.

European markets fell on Tuesday, with Germany's DAX losing 1.1 percent and France's CAC 40 dropping 0.8 percent.

The Dow sank as much as three percent Tuesday afternoon as losses on Wall Street accelerated amid worries about the US economic outlook and skepticism over the US-China trade truce.

The Toronto Stock Exchange's S&P/TSX composite index was down 197.31 points, or 1.29 per cent, at 15,077.67.

Dollar General sank 5.6 percent after reporting weak results.

Bond prices rose. The yield on the 10-year Treasury fell to 2.95 percent.

The S&P 500 index lost 8 points, or 0.3 percent, to 2,782.

The Dow Jones Transport Average .DJT declined 4.4 percent, its biggest one-day percentage drop since June 2016.

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