A global equity market rout overnight, with “circuit breakers” triggered on US markets shortly after the open after an initial -7% drop for the second time this week  - Dow plummeted -2,352-points or -9.99%, notching its fifth worst decline in history and worst single session decline since ‘Black Monday’ in 1987 (when the index collapsed by over >22%). Walt Disney Co fell 2.68% in late trading (after closing down 12.98% in the regular session) after announcing their closure of Disneyland through the end of the month.  The broader S&P500 -9.51%, with Energy (down -12.30%) leading all eleven primary sectors sharply lower. The technology-centric  NASDAQ shed -9.51%. The bear claimed both the S&P 500 and Nasdaq indices. It has taken just 16 trading days for the S&P500 to decline over >20% from its all time high.  The small-capitalisation  Russell 2000 index cratered by -11%. Morgans Chief Economist Michael Knox described the latest falls as “revenge of the machines”, referring to large algorithmic programmes run by large investment companies that preference momentum and drives a complete divorce from market fundamentals.