European stocks tumble as US, China exchange trade war salvos

"Judging by Trump's tweets alone, the two nations are apparently nowhere near signing a trade deal," said Fawas Razaqzada, a market analyst at Forex.com.

Markets remain on red alert over a trade war between the two big superpowers that observers warn could shatter global economic growth - and also hurt demand for commodities like oil."It's Groundhog Day yet again, with yet another day of US-China focused selling taking hold," said senior market analyst Joshua Mahony at trading firm IG.on the sidelines of the G20 summit to hash out their differences on trade - but no new talks are yet scheduled.

On Monday, some analysts were wondering whether cryptocurrency bitcoin should be added to the list after rising by US$1,000 over the weekend to a nine-month high, which saw it breach US$7,000. Saudi Arabia said on Monday that two of its oil tankers were damaged in mysterious"sabotage attacks" in the Gulf, as tensions soared in a region already shaken by a standoff between the United States and Iran.

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