Max Verstappen clinches Azerbaijan GP pole after crash-marred qualifying session

Max Verstappen secured his sixth pole position of the season for the Azerbaijan Grand Prix after a crash-marred qualifying session in Baku on Saturday.

Red Bull's reigning world champion edged Spaniard Carlos Sainz of Williams and New Zealander Liam Lawson of Racing Bulls in a chaotic session which saw seven crashes.

World championship leader Oscar Piastri crashed in Q3 and will start from ninth on the grid, two places behind McLaren teammate Lando Norris.

While the battle for pole position usually lasts an hour, this time it lasted almost two hours due to the time needed to remove the crashed cars, clean up debris scattered across the track, and repair crash barriers.

Red Bull's four-time champion made the most of treacherous damp conditions to end a near-crazy two-hour session on top.

The Dutchman clocked a best lap in one minute and 41.117 seconds to finish 0.478s ahead of Williams' Sainz and half a second clear of Racing Bulls' rookie Lawson, who secured his best qualifying result.

Sainz had made the most of his opportunity in Q3 to go quickest before Ferrari's Leclerc crashed to bring a sixth red-flag stoppage that wrecked his hopes of a fifth straight Baku pole – and deliver a mixed up grid.

Ferrari driver Lewis Hamilton during qualifying for the Azerbaijan Grand Prix in Baku. EPA

Mercedes' under-pressure rookie Kimi Antonelli and George Russell were fourth and fifth ahead of Yuki Tsunoda in the second Red Bull and Norris, who qualified seventh.

Racing Bulls' second rookie Isack Hadjar was eighth ahead of Piastri and Leclerc with two-time champion Fernando Alonso taking 11th for Aston Martin and seven-time champion Lewis Hamilton 12th for Ferrari.

It was Verstappen's first pole in Baku, his sixth of the season and the 46th of his career.

“It was difficult to get a lap together, with all the red flags,” said Verstappen.

“In the final lap, you just have to send it. I wasn't even on the best tyres. So, I am happy with the weekend.”

The chaos began in gusty conditions with light drizzle expected and rain threatening for Sunday's race.

“We nailed it today by being on the right tyres at the right time,” said Sainz. “So tomorrow I will try to stick it on the podium.”

Ferrari's seven-time world champion Lewis Hamilton qualified a disappointing 12th – after the optimism of going fastest on Friday.

“I honestly thought I was going to be shooting for pole today, so it’s kind of a bit of a shock,” said Hamilton.

“I wish everyone could understand how difficult it was with the wind,” Norris added.

“I don't think we will have the pace to beat Max. I think he's just going to be fast.

“They could easily win at Monza, they could easily win again here. I'm not sure about the win, but we'll be trying to get on the podium.”

Piastri careered heavily into the barriers at turn three, walking away unhurt but causing major damage to his car.

“I'm obviously disappointed with how I performed,” Piastri said.

“There was a bit of rain around, yes. I don't know if that contributed. I don't know if I got a gust of wind. I don't know, I'm never one to blame it on something other than myself.”

Four reasons global stock markets are falling right now

There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:

1. Rising US interest rates

The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.

Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”

At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.

2. Stronger dollar

High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”

3. Global trade war

Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”

4. Eurozone uncertainty

Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.

Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”

The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”