That’s the end of our live coverage for Sunday, April 13. Many thanks for following along.

Here’s how the day unfolded:

– Traders fear Trump will make US like an emerging market: When the Trump post hit – the real one, not the hoax – and the S&P 500 vaulted 7 per cent in eight minutes Wednesday, Ed Al-Hussainy stepped away from his desk in Manhattan. The algos had taken over at that point, and the buy orders were pouring in at such a furious clip across all markets that “there was nothing to do.”

– Trump’s backdown on tech tariffs may be start of de-escalation: Ackman Donald Trump’s backdown on steep tariffs on smartphones, computers and some other electronics could be the beginning of the end of the US trade war with China, Bill Ackman says.

– Albanese pledges new standard $1000 tax deduction: A re-elected Labor government will create a new standard tax deduction of $1000 a year on work-related expenses in a dramatic escalation in the battle between Labor and the Coalition over tax cuts.

– ‘We will restore the dream of home ownership’ to millions: Dutton Peter Dutton says the Coalition will be the party that restores the dream of home ownership to young Australians.

– ‘A dumpster fire of dumb stuff’: economist slams both parties The Coalition and Labor’s campiagns so far have offered a “dumpster fire of dumb stuff”, with today’s duelling housing policies just the latest example of the two parties’ addiction to “Magic Pudding” promises, says economist Chris Richardson.

– US ‘very close’ to being in a recession: BlackRock’s Fink The head of the world’s largest asset manager has warned the US may already be in recession amid Donald Trump’s escalating trade war with China.

– Germany’s Merz backs push for US-Europe free trade zone German Chancellor-in-waiting Friedrich Merz said Donald Trump’s tariff policies increase the risk of a financial crisis, and he advocated for a US-European free trade agreement, picking up on an idea that has drawn a hostile response from the US president.

– UK nationalises British Steel in all but name The UK government took effective control on Saturday of Britain’s last remaining factory that makes steel from scratch from its Chinese owners, after legislators approved an emergency rescue.