GUEST COLUMN Malaysia’s capital control (cepo) success – a journey beginning in Buenos Aires Yesterday 06:03 Malaysia’s success highlights the importance of policy credibility, clarity of purpose and exit strategy in the use of capital controls.
POLITICS & ECONOMY – ANALYSIS Milei dreams of re-election – with IMF's help Yesterday 06:00 Whether signing an IMF deal represents a “day of liberation” or one of mourning, it lifts a cloud of uncertainty and allows the political ecosystem to focus on upcoming elections. by Agustino Fontevecchia
As I see it Milei goes low in an effort to get high Yesterday 06:00 To get the big electoral majority he is after, Milei will have to persuade such people that he is the man, as was Juan Domingo Perón in his moment and after him, Carlos Menem and Néstor Kirchner. by James Neilson
Analysing Argentina Milei and the bicycle temptation Yesterday 06:00 The Milei government is confident it can make it to the midterm elections in October without major volatility. But this relative calm — won by force of debt — should not obscure the storm that was brewing before the cash injection. by Marcelo J. García
Campaign comments First day of the rest of the year Yesterday 06:00 Economists have hailed the exit from the cepo as a milestone but this columnist hesitates to consider it an electoral game-changer – there is both too much and too little time for that. by Michael Soltys
Editorial Floating on air? Yesterday 06:00 Milei might echo Alfonsín by proclaiming: “Happy Easter, the dollar is in order” but early days – a more total exit from currency and capital controls by Macri in in late 2015 was even smoother, without ensuring him a happy ending.
THEATRE A nose for theatre 18-04-2025 17:57 ‘Cyrano de Bergerac’ by Edmond Rostand, translated by Brian Hooker; Directed by Simon Chater; Suburban Players at The Playhouse, San Isidro. by Michael Soltys
the week in review Stories that caught our eye: April 11 to 18 18-04-2025 17:29 A selection of the stories that caught our eye over the last seven days in Argentina – including some pretty big announcements last Friday...
SCIENCE & TECHNOLOGY Award-winning biologist slams Milei’s defunding of science 18-04-2025 00:31 Scientist Sandra Díaz has voiced criticism of President Javier Milei's government and its defunding of scientific research in Argentina.
OBITUARY Ronnie Scott, beloved World War II veteran, dies aged 107 17-04-2025 19:41 An inspiration to much of the local community, Ronald David Scott – who volunteered from Argentina to join the Allies’ war effort in 1942 – passes away in his 108th year. by Michael Soltys
INTERNATIONAL RELATIONS El Salvador becoming 'black hole' for US deportees, critics fear 17-04-2025 17:22 Notorious CECOT prison is becoming a dangerous destination that Trump has been utilizing for his mistreatment of US deportees.
EU-MERCOSUR TRADE DEAL EU hopes Trump tariffs can nudge Mercosur deal past finish line 17-04-2025 09:10 Spectre of transatlantic trade war is fuelling hopes of a silver lining in Europe: that the long-awaited EU-Mercorur free-trade deal could get a final green light.
COURTS Former Misiones lawmaker sentenced to 14 years in child sex abuse case 17-04-2025 01:20 Germán Kiczka and his brother Sebastián convicted by provincial court of possessing and distributing child sexual abuse material.; Ex-Activar lawmaker handed 14 years in prison, sibling given 12 years for same crimes and sexual abuse of 15-year-old girl.
FOOTBALL: CHAMPIONS LEAGUE Tale of two Martínez – Lautaro progresses; ‘Dibu’ knocked out 16-04-2025 22:35 Two of Argentina's World Cup winners. Emiliano Martínez and Lautaro Martínez, both flew the flag in the Champions League quarter-finals, though their experiences could not have been more different. by Dan Edwards
HUMAN RIGHTS Brazil prohibits hormone therapy for transgender minors 16-04-2025 18:22 Brazilian health authority raises legal age for transgender people to receive hormone therapy from 16 to 18; Also raises minimum age for sexual reassignment surgery "that involves a potentially sterilising effect" from 18 to 21 years.
ECONOMIC INDICATORS What was the exchange rate when Milei came into office? 16-04-2025 16:10 Official exchange rate almost doubled from near 400 pesos to 838 pesos per greenback in the initial four days after Milei’s inauguration – now it stands closer to 1,200.
RELATIONS WITH WASHINGTON US Treasury secretary makes flying visit – with no extra dollars 16-04-2025 14:52 Behind the scenes of US Treasury Secretary Scott Bessent’s visit to Argentina. Lunch with business leaders, Caputo and Milei meets, celebrations at the Economy Ministry and trade talks. by Eugenia Muzio
Crime & Security La Matanza tops homicide stats in Buenos Aires Province 16-04-2025 14:23 More than 150 murders were recorded in La Matanza last year — 11 more than in 2023.
ANALYSIS: SHOCK THERAPY Milei risks reigniting inflation by floating Argentina’s peso 16-04-2025 12:35 Decision to ease currency controls is having an impact in the real economy. Retailers and importers are cautiously adjusting their prices as the peso weakens. And some fear it could spark inflation.
ENERGY & GAS Vista buys Petronas’ Argentina oil stake in US$1.5-billion deal 16-04-2025 12:25 Deal all but cements exit of Malaysia’s Petronas; It’s also a sign that development of Vaca Muerta will increasingly be spearheaded by homegrown drillers.
COURTS Alberto Fernández reiterates denial as court confirms gender violence trial 16-04-2025 10:56 Former president set for trial after indictment confirmed by appeals court; Ex-president alleged beat and threatened his ex-partner, former first lady Fabiola Yáñez; Veteran Peronist again denies charges against him.
DEATH OF DIEGO MARADONA Maradona's daughter says doctors could have prevented star's death 16-04-2025 10:16 Dalma Maradona accuses doctors of deception and neglect as late footballer's final days come under scrutiny in emotional trial.
DIPLOMATIC ROW Chinese Embassy hits back after Bessent’s remarks in Argentina 15-04-2025 17:48 Beijing’s Embassy in Buenos Aires issues expressing “deep dissatisfaction and categorical rejection of the malicious slanders and libellous remarks” made by US Treasury Secretary Scott Bessent during visit to Buenos Aires.
IMF BOOSTS RESERVES Central Bank reserves hit US$36 billion after first IMF tranche 15-04-2025 17:26 First disbursement of US$12 billion arrives from International Monetary Fund, boosting reserves; Official exchange rate rises to 1,223 pesos per dollar; Country risk falls to 725 points.
ENERGY & GAS PAE confirms shale gas reserves in Chubut Province 15-04-2025 16:51 Pan American Energy to invest US$250 million in project to exploit shale gas findings in Cerro Dragon field, says Chubut Governor Ignacio Torres.
ELECTIONS 2025 CFK airs gripes, but accepts Kicillof’s electoral advance 15-04-2025 16:07 Former president and PJ chair Cristina Fernández de Kirchner argues that it would be "best for Buenos Aires Province to vote once" in October, but she calls for support for Governor Axel Kicillof’s bill – while describing it as “a political error.”
GEOPOLITICS & DIPLOMACY Trump’s China trade war is forcing Latin America to pick a side 15-04-2025 14:02 Intensifying battle between world’s two largest economies has left governments grappling with the reality that their days of doing big business with Beijing without serious blowback from Washington are numbered.
INFRASTRUCTURE Chile unveils ‘bioceanic road corridor’ plan to fanfare 15-04-2025 13:18 President Gabriel Boric presents massive infrastructure project – the cost of which was not revealed – that would link the north of Chile with Brazil, Argentina and Paraguay to form a new trade route between the Atlantic and the Asia-Pacific.
US TREASURY SECRETARY Bessent expects Argentina to be able to pay off China swap 14-04-2025 19:13 Scott Bessent hails Argentina as a free-market beacon in Latin America; US Treasury secretary said he expects Argentina to be able to pay off its swap line with China, but that US government isn’t considering providing any direct credit.
AGRICULTURE & ECONOMY Milei tells farmers to sell soy now as peso slides 12% 14-04-2025 19:08 Farmers are starting to harvest their soy crop, worth billions of dollars in export revenues that Milei desperately needs at the Central Bank. But, so far, they have traded it at a crawl.
Foreign relations & diplomacy US Treasury secretary offers 'full support' to Milei at Casa Rosada 14-04-2025 17:29 US Treasury Scott Bessent visits Buenos Aires for talks with Javier Milei, his economic team and private-sector representatives; Official tells President he wants Washington to be Argentina's "partner of choice".
VISITS TO OLIVOS Milei in solitude at Olivos? Probing entry logs for absentees, regular visitors 14-04-2025 15:39 Official records show President Javier Milei receives very few officials at the Olivos presidential residence, not even from his partner or sister. The surprise is digital influencer Iñaki Gutiérrez, a regular visitor. by Pablo Varela
ECONOMIC CHANGES Peso slides, bonds jump after FX rules lifted 14-04-2025 13:46 Argentina’s sovereign debt climbed Monday while the peso slipped after the country lifted most of its currency-market restrictions.
CHAU CEPO 'Cepo' lifted: Peso depreciates 8.4% in initial trading 14-04-2025 13:24 Peso depreciated 8.4% against the US dollar at the open of markets on Monday, following the partial removal of foreign exchange controls in place since 2019.
ELECTIONS 2025 Milei’s party third as election year kicks off in Santa Fe 14-04-2025 13:01 Pullaro celebrates victory in Santa Fe constituent assembly vote; Milei’s La Libertad Avanza finishes in third, narrowly trailing Peronist candidate.
OBITUARY Mario Vargas Llosa: Peruvian Nobel-winning novelist 13-04-2025 23:25 As one of Latin America’s foremost writers and intellectuals, Mario Vargas Llosa defended individual liberty, democracy and the free market, which often put him at odds with his peers and political leaders in the region.
LITERARY LEGEND DIES Mario Vargas Llosa, Latin American literary heavyweight, dies at 89 13-04-2025 23:15 Mario Vargas Llosa has died in Lima at the age of 89, confirms family; Nobel literature laureate is considered to be one of the greats of Latin America's literary "boom" of the 1960s and 1970s.
Ecuador election 2025 Noboa declared winner of Ecuador run-off, González demands recount 13-04-2025 22:56 Election authorities declare incumbent Daniel Noboa to be the winner of Ecuador's presidential run-off vote, with the 37-year-old leader defeating his leftist rival by bigger-than-expected margin; Challenger Luisa González expresses concern over fraud.
Politics: Elections 2025 First regional ballot test for Milei in Santa Fe Province 13-04-2025 09:09 Sunday's election in third-most-populous province of 2.8 million voters will pick delegates to a convention set to reform the regional constitutional assembly.
ECONOMY – ANALYSIS IMF bets billions on Milei’s chainsaw to avert past debacles 13-04-2025 08:50 Frontloading disbursements is a controversial move that increases the IMF’s exposure to its biggest debtor, just as Milei faces the same policy dilemmas that have doomed his predecessors.
ARGENTINA & THE IMF Another IMF loan: for Argentina, it’s Groundhog Day 12-04-2025 15:24 Generations of Argentines feel their country is trapped in a recurring cycle: yet another loan from the International Monetary Fund to rescue a volatile economy.
Ecuador election 2025 Ecuador imposes state of emergency before razor-close election 12-04-2025 14:42 On the eve of a too-close-to-call presidential run-off and reacting a dramatic rise in drug-linked violence, Ecuador declares a state of emergency in seven of its 24 provinces, including the capital.
POLITICS – ANALYSIS Milei gains 'breathing room' from his ties with Trump 12-04-2025 11:54 The support President Milei has garnered from the Trump administration stands in stark contrast to the mounting challenges on the home front. by Pablo Varela
IMF DEBT PROGRAMME Argentina and the International Monetary Fund: A long, tricky history 12-04-2025 09:29 Argentina, which has a track record of economic crises and hyperinflation, is already the IMF's biggest debtor, ahead even of war-torn Ukraine.
Football Gallardo remains untouchable, but questions should be asked 12-04-2025 07:12 Almost a year after his triumphal return to the Monumental, Gallardo and River Plate cannot help but be concerned at how the team is performing. by Dan Edwards
As I see it Trump has China in the crosshairs 12-04-2025 05:41 The 19th century belonged to the United Kingdom, the 20th to the United States. And the 21st? by James Neilson
Global politics – Analysis Trump, Milei and how to lose the trust of markets and voters 12-04-2025 05:37 Trump stepped back from the edge, at least momentarily, even though he is keeping his finger on the trigger. by Agustino Fontevecchia
Analysing Argentina Careful Javier, the ‘caste’ smells blood 12-04-2025 05:29 Legislators who had until now been cooperative or aloof toward confrontation with Milei are changing their tune, in line with what they hear from their constituencies. by Marcelo J. García
Campaign comments And so it begins 12-04-2025 05:22 This year’s midterm voting begins tomorrow in the major province of Santa Fe with the constituent assembly elections. by Michael Soltys
Editorial Into More Frustrations 12-04-2025 05:06 A Ruby Tuesday for President Javier Milei while the world at large is in an acute age of uncertainty thanks to Donald Trump’s tariff onslaught.
POLITICS – ANALYSIS Milei launches new economic phase, with nod to middle class 11-04-2025 23:56 Casa Rosada expresses satisfaction as alignment with Trump bears fruit and secures an unprecedented initial disbursement from the International Monetary Fund.
ECONOMIC CHANGES Milei ends 'cepo' as IMF board approves US$20-billion bailout 11-04-2025 23:32 Milei declares "cepo is gone for good" as IMF unlocks US$12 billion in immediate funding and Argentina lifts capital controls in 48-month US$20-billion programme.
END OF CURRENCY CONTROLS New peso-greenback currency band could mean 23% devaluation 11-04-2025 19:09 Argentina has announced the introduction of a new exchange rate band for the peso, ranging from 1,000 to 1,400 per US dollar, following the removal of currency controls next week.
FIN DE CEPO? Caputo announces new IMF deal, end to exchange controls 11-04-2025 18:45 President Javier Milei's government announces elimination of foreign exchange controls ahead of confirmation of new US$20-billion IMF programme.
ECONOMY – ANALYSIS Argentina lands US$20-billion IMF agreement and eases FX rules 11-04-2025 18:30 Central Bank says it will let peso trade within a range of 1,000 pesos to 1,4000 pesos per dollar in what’s called a dirty or managed float.
ECONOMY & POLITICS 'Chau cepo?': Argentina overhauls exchange rate access 11-04-2025 18:27 President Javier Milei’s government to lift capital and currency controls as of Monday, with exchange rate of between 1,000 and 1,4,00 per greenback; ‘Phase Three’ of economic programme will see monthly cap lifted for individuals and firms.
CURRENCY WARS Argentina's Central Bank sells up to US$400 million to defend peso 11-04-2025 17:32 Argentina's Central Bank sold as much as US$400 million to defend the peso on Friday – the most in a day since mid-March.
MERCOSUR SUMMIT Mercosur to expand common tariff exemptions as trade war rages 11-04-2025 17:30 Mercosur countries have decided to relax common external tariffs on 50 products of the choice of each of its members, giving them more flexibility to negotiate deals.
ECONOMY – ANALYSIS Argentina inflation picks up more than expected before IMF deal 11-04-2025 17:28 President Javier Milei said recently he only expects inflation to fall below two percent in May or June, blaming the sticky inflation on political volatility.
THE WEEK IN REVIEW Stories that caught our eye: April 4 to 11 11-04-2025 16:56 A selection of the stories that caught our eye over the last seven days in Argentina and beyond.
ECONOMIC INDICATORS INDEC reveals uptick in inflation: Prices up 3.7% in March 11-04-2025 16:25 Inflation soared in March, accelerating to 3.7% – a second straight monthly rise; Consumer prices up 55.9% over the past 12 months, by 8.6% so far this year.
EURO TRADE PLANS EU races to expand two-trillion-euro trade network as US links sour 11-04-2025 13:49 The European Union is racing to clinch trade deals with countries around the world in an effort to diversify away from an increasingly protectionist United States.
ECONOMIC INDICATORS Brazil’s inflation hits two-year high amid rate hike debate 11-04-2025 11:26 Brazil’s annual inflation rate at its highest level in two years.
EU-MERCOSUR TRADE DEAL Trump’s tariffs may speed EU–Mercosur deal, says Orsi 11-04-2025 10:09 Uruguay’s president sees US protectionism pushing Europe to compromise on stalled trade pact
ITALIAN PROBE Di María, Paredes under investigation for illegal betting in Italy 11-04-2025 09:55 World Cup-winning national team stars Leandro Paredes and Ángel Di María among dozen footballers suspected of using clandestine platforms to bet on poker and other sports.
DEATH OF DIEGO MARADONA ‘I’m not well,’ Maradona told a doctor, weeks before death 11-04-2025 09:38 Doctor Flavio Tunessi said the late footballing icon had told him "I’m not well," a few weeks before star's death.
GLOBAL TRADE WAR Trump stuns with tariff backtrack 10-04-2025 19:26 US President Donald Trump upends global markets and trade by U-turning on proposed tariffs; Benefit for Argentina is only temporarily, unless new deal reached.
INTERNATIONAL FOOTBALL CONMEBOL proposes one-off 64-team World Cup in 2030 10-04-2025 18:23 CONMEBOL President Alejandro Domínguez argues increasing the number of teams in the tournament would allow for a broader celebration of the World Cup.
ENERGY & GAS Vaca Muerta shale patch a sure thing even at $45 oil, YPF says 10-04-2025 18:16 Falling oil prices won’t derail Argentina’s burgeoning shale boom unless they plunge below US$45 a barrel, says chief executive of state-run YPF SA.
US-ARGENTINA RELATIONS US Treasury secretary offers 'full support' to Milei ahead of visit 10-04-2025 17:26 In a show of support for President Javier Milei's "bold economic reforms," US Treasury Secretary Scott Bessent will travel to Buenos Aires next week for meetings with government officials and business leaders.
CURRENCY SWAP Argentina renews part of China swap ahead of Bessent visit 10-04-2025 17:13 Argentina renews a portion of its US$18-billion currency swap line with China; Activated part being extended for another 12 months amounts to US$5 billion.
FUTURE OF UNITED NATIONS Four Latin Americans who could become the UN’s next leader 10-04-2025 15:57 Latin American and Caribbean nations will seek to unite behind a single candidate in the contest to lead the United Nations, a move that see the first-ever female secretary-general.
POLITICS & LABOUR Government brushes off general strike as workers walk off job 10-04-2025 15:27 Public-sector workers fail to turn up, complying with CGT-led call for third strike of Milei Presidency; Many shops remained open and public transport still an option with buses running nationwide;
EU-MERCOSUR TRADE DEAL EU offers timeline for final Mercosur deal proposal 10-04-2025 14:28 Top EU spokesperson says he wants to present a proposal for sweeping free-trade agreement before “end of summer,” with legal review ongoing.
ECONOMY – ANALYSIS IMF deal fine print could disrupt China swap renewal 10-04-2025 05:36 In June, the grace period China granted Javier Milei expires. Washington is already pressuring Buenos Aires over the currency swap, with US$6.5 billion remaining frozen. by Eugenia Muzio
Foreign policy & diplomacy Milei hails shared values during talks with Paraguay’s Peña 09-04-2025 21:32 President met up with his Paraguayan counterpart, holding various meetings in Asunción during brief overseas trip.
BLOOMBERG - ANALYSIS Milei needs rush of soy dollars to calm peso sell-off in Argentina 09-04-2025 17:42 Like his predecessors, President Javier Milei is depending on the soy harvest to manage one of the word’s most volatile currencies.
TRUMP'S TARIFF WAR Strength in numbers: Latin America urges unity in face of Trump tariffs 09-04-2025 17:38 Latin American leaders at CELAC summit in Honduras call for a united front to tackle US President Donald Trump's tariff onslaught.
BUSINESS & INVESTMENT Mercado Libre to invest US$2.6 billion in Argentina this year 09-04-2025 17:31 US$2.6-billion investment marks a 53% increase on last year’s figure and forms part of a wider regional expansion drive.
GLOBAL TRADE WAR Trump pauses tariffs for 90 days but hits China harder 09-04-2025 17:00 In the midst of Donald Trump's rising tariffs he has called for quite a radical shift within his global trade war, which will affect many countries.
POLITICS & LABOUR Milei faces third general strike in Argentina with IMF deal pending 09-04-2025 16:30 Argentina braces for general strike as Milei administration awaits confirmation of new IMF loan programme.
POLITICS – ANALYSIS Axel advances elections, disobeying CFK – has a new Peronist leader been born? 09-04-2025 14:42 As in any risky play, the decision has an effect of uncertainty and could expose the governor to undesired consequences.
ELECTIONS 2025 Kicillof defies Fernández de Kirchner, decouples provincial election 09-04-2025 14:31 Partido Justicialista chair Cristina Fernández de Kirchner wanted Buenos Aires Province governor to schedule region’s elections for the same date as the national vote, but Axel Kicillof decides to break.
DEATH OF DIEGO MARADONA Maradona was ‘held like a hostage’ before death, says ex-partner 09-04-2025 12:57 Diego Maradona was “held like a hostage” and living in squalid conditions in the final weeks of his life, his former partner Verónica Ojeda tells court.
TRADE TALKS Argentina in talks with US to cut tariffs, says Trump official 09-04-2025 11:40 US Trade Representative Jamieson Greer says Argentina and others may ease trade restrictions to align with Trump’s policy.
Human rights Forensic experts identify remains of law student who disappeared in 1977 09-04-2025 11:13 Activist and law student Virginia Beatriz Tempone, 21, was abducted and forcibly disappeared in Mar del Plata in 1977 during the dictatorship’s time in power.
NEW IMF PROGRAMME Milei nears US$20-billion Argentina loan as IMF staff sign off 09-04-2025 08:49 Members of the Washington-based lender’s executive board are expected to vote on the agreement Friday.
NEW IMF PROGRAMME IMF confirms preliminary agreement with Argentina for US$20-billion loan 09-04-2025 08:33 Multilateral lender says it has reached a staff-level agreement with President Milei's government on a new 48-month US$20-billion programme, subject to approval by executive board.
POLITICS & CONGRESS Lower house approves probe into Milei-$LIBRA crypto scandal 08-04-2025 19:30 Lawmakers vote to summon key ministers as fallout grows over so-called ‘Cryptogate’ scandal.
Foreign policy & diplomacy Uruguay's Orsi calls for Latin American unity in face of economic uncertainty 08-04-2025 17:23 Uruguay's left-wing President Yamandú Orsi calls for regional integration in the face of economic uncertainty from the United States.
DEATH OF DIEGO MARADONA Maradona's former doctor bemoans 'neglect of care' before star's death 08-04-2025 17:19 Dr Mario Schiter, Diego Maradona's former doctor, says there was a "neglect of care" in late star's medical treatment in the period leading up to his death.
GEOPOLITICAL ROW Milei caught in Trump-China spat over US$18-billion FX swap line 08-04-2025 16:47 Javier Milei is caught between US President Donald Trump and China’s communist government.
TV & STREAMING ‘El Eternauta’: Secrets behind Argentina’s most long-awaited adaptation 08-04-2025 14:58 Eagerly awaited adaptation of Héctor Germán Oesterheld and Francisco Solano López’s classic comic 'El Eternauta' débuts on Netflix on April 30. A look behind-the-scenes of the new series starring Ricardo Darín. by Juan Manuel Dominguez
ART & CULTURE Youthful promise overflows at Teatro Colón 08-04-2025 12:34 Precocious talent on full display at Teatro Colón as Orquesta Aeropuertos Argentina celebrates its 10-year anniversary in style. by Michael Soltys
WORLD ECONOMY Trump's trade representative says tariffs 'bearing fruit' 08-04-2025 12:33 Top US trade official Jamieson Greer says several countries – including Argentina, Vietnam and Israel – have offered to reduce sweeping tariffs imposed by US President Donald Trump.
BLOOMBERG - FEATURE Milei tries erasing Argentina’s history to lure foreign investment 08-04-2025 09:04 Argentina’s president is desperate to woo foreign investors. But he's had more success tearing down physical symbols of the old guard than untangling the web of red tape it left behind.
COURTS García-Mansilla resigns from Supreme Court after Senate rejection 07-04-2025 12:40 Four days after the upper house voted against his nomination by large majority, Manuel García-Mansilla, the Supreme Court justice imposed by President Milei by decree, resigns his bench on the nation's highest court.
OPINION & ANALYSIS Milei's private dinners, cash and political transparency 07-04-2025 11:09 What's at stake in a US$20,000-steaks case...
POLITICS: MIDTERMS 2025 Milei’s worst week yet complicates La Libertad Avanza’s campaign 07-04-2025 10:17 Preoccupied by other pressing matters, La Libertad Avanza’s campaign for the upcoming elections is set to kick off with the “chainsaw tour,” which Manuel Adorni front and centre. by Pablo Varela
'BLACK MONDAY' Market panic deepens as Trump stands firm over tariffs 07-04-2025 09:45 Global stock market rout deepened on Monday and fears of recession rose after China retaliated against US President Donald Trump's tariffs and Europe calibrated its response.