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· Asian shares sank on Monday as the latest salvos in the Sino-U.S. trade war shook confidence in the world economy and sent investors steaming to the safe harbor of sovereign bonds and gold, while slugging emerging market currencies.

Yields on benchmark 10-year Treasury debt dropped to their lowest since mid-2016, while gold hit its highest since April 2013 as risk was shunned.

MSCI’s broadest index of Asia-Pacific shares outside Japan shed 2.0%, and Australia 1.5%.

· Japanese shares shed more than 2% on Monday, with China-related firms leading the losses after a fresh escalation in the Sino-U.S. trade war knocked global equities markets.

The Nikkei share average fell as much as 2.6% to 20,173.76, its lowest level since Aug. 6, before closing at 20,261.04, 2.2% lower on the day.

· Hong Kong stocks slumped and the yuan weakened to an 11-year low as concern over the U.S.-China trade war spurred risk-off sentiment.

The Hang Seng Index closed down 1.9% in Hong Kong, after falling as much as 3.6%. Meat producer WH Group Ltd., AAC Technologies Holdings Inc. and Cnooc Ltd. were among the worst performers. The yuan slid 0.6% to 7.1425 per dollar, while the Shanghai Composite Index closed 1.2% lower.

Hong Kong stocks tumbled earlier Monday after China and the U.S. announced additional levies on each other’s goods, and President Donald Trump called for American companies to pull out of Asia’s largest economy. Equities pared declines after the U.S. leader said Monday the Chinese government called his team to restart talks.

· European stocks traded lower on Monday as investors reacted to the latest escalation in the U.S.-China trade war.

The pan-European Stoxx 600 fell about 0.4% during morning deals, with sectors and major bourses broadly in the red. European basic resources stocks, with their heavy exposure to China, fell 0.3%.

U.K. markets are closed due to a bank holiday.

Reference: CNBC, Reuters, Bloomberg