Hong Kong and Chinese stocks plunged on Monday amid fears of a deep global recession triggered by an escalating trade war.

Hong Kong’s Hang Seng index dropped over 10%, its worst single-day fall since the 2008 financial crisis.

HSBC and Standard Chartered fell 15%.

China’s CSI300 fell more than 5%, with widespread selloffs.

The yuan hit its lowest since January, while bonds surged.

China retaliated against U.S. tariffs exceeding 50% with new levies.

Solar and appliance stocks in mainland China lost around 10%.

Hang Seng’s volatility index spiked to its highest since October.

Alibaba and Tencent fell over 8%.

Investors now await economic support measures from Beijing.#TrendingTopic