Equity markets are tumbling with less than 2 hours ahead of the much anticipated Jackson Hole speech from FOMC chairman after China said it would introduce retaliatory tariffs on imports from the US and German official said the country would defend a policy of balanced budget at the G7 meeting. The China move is particularly painful as it includes oil and reinstalls tariffs on autos. DE30 falls by more than 100 points. We will see if Jerome Powell is able to reverse those moves during his speech that begins at 4pm CEST (3pm BST).
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