Most stock markets in the Gulf ended lower on Monday, as equities across the world tanked on fears of a global recession caused by U.S. President Donald Trump's sweeping tariffs and the escalating trade war.

Bank analysts are busy raising their estimates of the likelihood of a global recession this year. JPMorgan Chase now puts the chances at 60%. There are also more precise measures of investors’ expectations for global growth.

P resident Donald Trump on Monday doubled down on his trade war and threatened to levy even higher tariffs on China this week, as markets endured a third day of intense volatility.