1 week Ago
Asia-Pacific markets were set to extend their sell-off Monday as fears over a global trade war sparked by U.S. President Donald Trump's tariffs fuel a risk-off mood.
Japan's benchmark was set to plunge at open, with the futures contract in Chicago at 30,675 against the index's Friday close of 33,780.58. Futures for Hong Kong's stood at 22,772 pointing to a stronger open compared to the HSI's last close of 22,849.
81. Australia's was set to fall, with futures at 7,213 compared with the index's last close of 7,667.8.
The benchmark slid into correction territory with an 11% decline since its last high in February, in its previous session. U.S.
as investors' hopes of the Trump administration having successful negotiations with countries to lower the rates were dashed. Meanwhile, U.S.
oil prices dropped below $60 a barrel on Sunday stateside. Futures tied to fell more than 3% to $59.74, their Trump's top economic officials any fears of inflation and recession, declaring that tariffs would persist whatever markets may do.
Stocks in the U.S. last Friday, after China retaliated with on U.
S. goods, sparking fears of a global trade war that could lead to a recession in the world's largest economy. The dropped 2,231.
07 points, or 5.5%, to 38,314.86 on Friday, the biggest decline since June 2020 during the Covid-19 pandemic.
The nosedived 5.97% to 5,074.08, its biggest decline since March 2020.
Meanwhile, the , which captures many tech companies that sell to China and manufacture there as well, dropped 5.8%, to 15,587.79.
This takes the index down by 22% from its December record, representing a bear market in Wall Street terminology..
