US stocks registered their biggest one-day drop of the year and bond yields plunged after China allowed its currency to fall through a key threshold, escalating the trade war between Washington and Beijing and raising concerns about the outlook for global growth.
In a broad-based sell-off that saw all sectors on Wall Street close lower, the benchmark S&P 500 sank to a two-month low, leaving it down 6 per cent from its record high in July.
Demand for US government bonds, to which investors typically flock during times of trouble, pushed the yield on the 10-Treasury note sharply lower, and a bond market indicator of recessions flashed its most bearish signal since 2007.
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