The stampede from global equities gathered momentum Monday and investors piled into haven assets as the fallout from US President Donald Trump’s tariffs deepened.

European stocks tumbled more than 5%, with the benchmark Stoxx 600 now less than three percentage points away from a bear market. US equity-index futures indicated Wall Street is in for another steep decline following the $5 trillion rout on Wall Street last week. Treasury yields fell, while traditional haven currencies like the yen and Swiss franc surged.