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Russian sanctions-busting since start of Ukraine war has boosted value of ageing tankers

Japan suffers worst day since 1987 while US and Europe also down

Equities hit by concerns over impact on exports, while gold reaches fresh high

Nasdaq falls into correction as traders bet Federal Reserve will now have to cut rates more rapidly this year

ECB’s Lagarde says eurozone borrowing costs likely to fall in summer, later than markets expected

Oil prices decline over concerns about growth in world’s largest economy

US Treasury yields steady after hitting multiyear highs

President suggests need for ‘flexibility’ but insists smartphone exemption is temporary

Economic data has soothed investors’ fears that the US economy is heading for recession