LONDON, April 9 (Reuters) - What matters in U.S. and

global markets today

By Anna Szymanski, Editor-in-Charge, Reuters Commentary

Global markets have been pummeled yet again on Wednesday as

President Donald Trump's eye-popping 104% tariffs on China took

effect and a savage selloff in U.S. bonds sparked fears that

foreign funds were fleeing U.S. assets.

Here is an overview of all the market news you need to start

your day. Mike is off today, but check out his latest column to

find out why the yuan is making analysts across Wall Street rip

up their recently revised dollar forecasts.

Today's Market Minute

* China's top leaders plan to convene a meeting as early as

Wednesday to discuss measures to boost the economy and stabilise

capital markets, people with knowledge of the matter said.

* U.S. Treasuries extended heavy losses on Wednesday in a sign

investors are dumping even their safest assets as a global

market rout unleashed by U.S. tariffs takes an unnerving turn

towards forced selling and a dash for the safety of cash.

* Taiwan Semiconductor Manufacturing ( TSM ) could face a penalty of $1

billion or more to settle a U.S. export control investigation

over a chip it made that ended up inside a Huawei AI processor,

according to two people familiar with the matter.

* China's central bank has asked major state-owned banks to

reduce U.S. dollar purchases, people with direct knowledge of

the matter said on Wednesday.

* French industry minister Marc Ferracci on Wednesday urged

French companies to suspend their investments in the United

States, given clashes between France and Europe with U.S.

President Donald Trump's administration over tariffs.

It's a 'bond story' now

This week has brought crisis-era volatility to markets,

erasing trillions of dollars in value from stocks and hitting

commodities and emerging markets with force.

At the epicentre of the latest rout are U.S. Treasuries,

effectively the backbone of the global financial system. The

benchmark U.S. 10-year yield rose by as much as 26 basis points

to a high of 4.515% in Asia, before the selloff abated, leaving

it up 7.7 bps at 4.34%.

"Last week was an equity story but as ever, it's moved from

an equity story to the more important bond story," Chris

Beauchamp, chief strategist at IG, said. "This is the financial

plumbing and clearly, the plumbing has begun to seize up."

Potentially adding to the pressure on Treasuries is an

auction of new 10-year notes later on today that could prove a

crucial litmus test of investor appetite for U.S. government

debt.

Meanwhile, the yield on the 30-year Treasury briefly spiked

above 5% before dropping back below 4.9%.

Not to be outdone, British 30-year government bond yields surged

to their highest since 1998 on Wednesday. The dollar - which is

typically the ultimate safe-haven - fell broadly, as investors

dashed into the likes of gold and the Swiss franc, accelerating

the flight from stocks and industrial commodities.

Overnight, Washington confirmed 104% duties on imports from

China would take effect at 12:01 a.m. Eastern Time, as planned.

That deadline passed with no new developments on trade.

China's onshore yuan finished its domestic session on

Wednesday at 7.3498 per dollar, the weakest close since December

2007.

U.S. stock futures were anchored in negative

territory early on Wednesday. The S&P 500 has lost $5.8 trillion

in stock market value, the deepest four-day loss since it was

created in the 1950s.

In Europe, the STOXX 600 fell nearly 3% in early

trading, bringing the loss in market capitalisation since April

1 - the day before Trump's 'Liberation Day' - to roughly $1.4

trillion.

Chart of the day

While President Trump continues to assure Americans that his

tariff "medicine" will ultimately be worth it, the U.S. public

seems less than convinced. The latest Reuters/IPSOS opinion poll

conducted after the sweeping global import tariffs were

announced last week shows almost 60% are opposed to the moves,

with one-in-four self-identified Republican voters against the

tariffs. Trump seems determined to plow ahead despite the

anxiety. But if a much-feared economic downturn ensues as a

result of these moves, Americans may increasingly conclude that

the "cure" is worse than the "disease".

Today's events to watch

* Mexico March inflation

* Federal Open Market Committee minutes from March meeting

* Richmond Federal Reserve President Thomas Barkin speaks;

European Central Bank board member Piero Cipollone and Dutch

central banker Klaas Knot speak; Bank of England Deputy Governor

Clare Lombardelli speaks

* WTO meets in Geneva

* U.S. corporate earnings: Delta Airlines, Constellation

Brands ( STZ )

* U.S. Treasury sells $39 billion of 10-year notes

Opinions expressed are those of the author. They do not reflect

the views of Reuters News, which, under the Trust Principles, is

committed to integrity, independence, and freedom from bias.