Markets are reeling into the new week as fears of Trump's tariffs slam Asia and US futures
Asia's stock markets opened the week deep in the red as investors fret over the impact of Trump's tariffs on company earnings and economies.
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Kazuhiro Nogi/AFP/Getty Images
- Stock markets are extending a brutal selloff as Trump's trade tariffs spark investor fears.
- Asian markets are suffering due to concerns over tariffs hitting earnings and economies.
- Commodities are falling amid recession fears while the Japanese yen has risen as a haven currency.
A brutal stock market selloff intensified on Monday as investor fears over the fallout from US President Donald Trump's new trade tariffs set in.
Asia's stock markets opened the week deep in the red as investors fret over the impact of Trump's tariffs on company earnings and economies. And investors in US futures were pessimistic on Sunday night.
"Elevated global policy uncertainty, particularly stemming from tariff pressures, has contributed to valuation contraction across regional markets," wrote analysts at Goldman Sachs in a Sunday note about Asian equities.
Asia markets started trading with major losses across countries, including in China and Hong Kong, which were closed on Friday's public holiday:
- Japan's Nikkei 225: -6% at 10:20 a.m. local time
- South Korea's Kospi: -5.2% at 10:16 a.m. local time
- Hong Kong's Hang Seng Index: -8.6% at 9:35 a.m. local time
- China's CSI300: -4.1% at 9:34 a.m. local time
- Australia's ASX 200: -4.5% at 11:36 a.m. local time
US stock futures were also sharply lower:
- S&P 500 futures: -2.7% at 4,971.75 at 9:21 p.m. ET
- Dow Jones futures: -2.2% (down 842.6) at 37,678.00
- Nasdaq 100 futures: -3.6% at 16,916.50
Commodities similarly traded lower over concerns over a recession and the US dollar. However, the Japanese yen, seen as a haven currency, is up. Key indicators include:
- US West Texas Intermediate oil futures: -3.2% at $60.03 a barrel at 9:04 p.m. ET
- Spot gold: -0.8% lower at $3,014.19 per ounce at 9:17 p.m. ET
- US Dollar Index: -0.2% 102.81 at 9:13 p.m. ET
- USD/JPY: -0.5% at 146.18 at 9:26 p.m. ET
This is a developing story. Please check back for updates.
