Sharp downfall: Smells like 1987, investors on the run

Global stock markets fell sharply on Monday, with Japanese shares surpassing their losses since Black Monday in 1987, fears of a US recession sent investors fleeing risky assets while betting that interest rate cuts would be needed to save growth. Safe-haven currencies such as the yen and Swiss franc rallied as high-yielding trades unraveled, prompting speculation that some investors were selling profitable trades to get cash to cover losses elsewhere. There were