1 month ago
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Global stock markets extended a severe plunge Monday, fueled by fears that U.S. tariffs would lead to a global economic slowdown. European and Asian shares saw dramatic losses, the leading U.S. index flirted with bear market territory in pre-market trading, and oil prices sagged.
The massive sell-off in riskier assets at the start of the trading week follows President Donald Trump’s announcement of sharply higher U.S. import taxes and retaliation from China that saw markets fall sharply Thursday and Friday.
Where the markets stand:
- Asia: Tokyo’s Nikkei 225 index lost nearly 8% shortly after the market opened and futures trading for the benchmark was briefly suspended. It closed down 7.8% at 31,136.58. Chinese markets often don’t follow global trends, but they also tumbled. Hong Kong’s Hang Seng dropped 13.2% to 19,828.30, while the Shanghai Composite index lost 7.3% to 3,096.58.
- Europe: Germany’s DAX index briefly fell more than 10% at the open on the Frankfurt exchange, but recovered some ground to move down 5.8% in morning trading. In Paris, the CAC 40 shed 5.8%, while Britain’s FTSE 100 lost 4.9% in the European morning.
- US: Futures signaled further weakness ahead. For the S&P 500, they fell 2.7% in premarket. Futures for the Dow Jones Industrial Average slipped 2.4%. Nasdaq futures fell 3%. If the pre-market futures losses materialize when the U.S. market opens, the S&P 500 will enter bear market territory — defined as a fall of more than 20% from the peak. The index was off 17.4% as of the end of last week.
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