Stock market fall looks like a correction, not a crash | Larry Elliott

Investors fear the era of cheap money is coming to an end, but shares are likely to bounce back

"Stock market turmoil - live coverage

It was just like the bad old days in financial markets. Screens in dealing rooms turned a sea of red as stock markets plunged in the familiar domino style: first Wall Street, then Asia and finally Europe.

This was the first big share price fall of Donald Trump's presidency and there was a notable absence of tweeting from the White House boasting about how Americans had their president to thank for booming stock markets. Instead, there was talk of bubbles being burst following a rise of more than 40% in the Dow Jones industrial average since Trump defeated Hillary Clinton in November 2016.

Why are stock markets falling?