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.

Investors are bracing for another brutal week as trading partners respond to President Donald Trump’s economically devastating new universal tariffs. S&P futures point to a loss of about 5 percent when Wall Street starts trading Monday,