Here’s what’s been happening on Wall Street overnight

Fred Dufour / Getty ImagesChina’s President Xi Jinping and US President Donald Trump.

Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.

The US and China threw another series of punches in their escalating trade fight on Tuesday and Wednesday, and experts say the two nations are veering rapidly toward an all-out trade war as US stock markets plunged in early trading before rebounding.

The new round of blows began Tuesday, when the Office of the US Trade Representative announced a list of roughly 1,300 Chinese goods it said would be subject to a 25% tariff. The list had a particular focus on new technologies, though it also included goods as varied as agricultural equipment and raw metals. In response, the Chinese government announced tariffs on more than 100 US products, including soybeans, automobiles, and chemicals.

Here’s the latest:

And in broader markets news:

In finance news, JPMorgan’s top bank analyst just slammed Deutsche Bank’s Wall Street business, Goldman Sachs made a big hire from Amazon to lead its artificial-intelligence efforts, and Coinbase snags a former New York Stock Exchange exec to push crypto to Wall Street.

Lastly, people have stopped paying their mobile-home loans, and it’s a warning sign for the economy.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.