
Global markets tanked on Monday as gold surged to record highs after Donald Trump threatened an extraordinary tariff on all imports. Ajay Rajadhyaksha, head of rates markets at Barclays, said: 'For the first time in years, we find ourselves genuinely worried about risk assets. If policy chaos and trade wars worsen much further, a recession is now a realistic risk across major economies," he added. "For the first time in many quarters, we favor core fixed income over global equities.'