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Stocks drop, tensions with China — and there’s disagreement at NATO.

The risk-off mood in global markets deepened, with European shares tumbling and American stock index futures signaling more losses after yesterday’s selloff that erased of $1.5 trillion of market value from US equities. That volatility is rubbing off on Treasuries, which are witness to one of the most choppy years in recent memory. Gold and haven currencies caught a bid.