Global markets plunged on Monday, deepening a global stocks rout triggered by US President Donald Trump’s trade war and China’s forceful response to unexpectedly high tariffs.
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(Reuters) -The S&P 500 index slumped further on Monday and was down more than 20% from its all-time highs, putting the most closely followed benchmark for U.S. equities on track to confirm a bear market. The Dow Jones Industrial Average was down more than 17% below its record high, while the Nasdaq confirmed it was in a bear market last week as fears of a recession following U.S. President Donald Trump's sweeping tariffs pounded global stocks. An index confirms it has been in a bear market if it closes more than 20% below its record closing high, according to a widely used definition.
(Bloomberg) -- Wall Street forecasters are racing to temper their views on US equities as President Donald Trump’s sweeping tariffs threaten to upend the global economy.Most Read from BloombergHousing Agency Aims to Relocate Its DC HeadquartersBoston Mayor Wu Embraces Trump Resistance as Campaign Heats UpThis Skinny Mexico City Tower Is Just 14 Feet Wide on One SideThe Irish Hot Press Is the Low-Tech Laundry Trick the World NeedsWhat Would ‘Transportation Abundance’ Look Like?Oppenheimer & Co.’s
Money markets on Monday began showing signs of strain following an aggressive selloff engulfing global equities, sending various measures of demand for dollars to their strongest in months. Three-month cross-currency basis swaps, a derivative that reflects non-U.S. demand for dollars, shot to their strongest level for the euro and the pound since late 2023, while those for the Japanese yen reached their strongest in five months. A more negative number indicates demand for dollars from euro-based investors.
(Bloomberg) -- Japan’s Nikkei 225 Stock Average slid into a bear market over fears of a widening trade war, while Japanese Prime Minister Shigeru Ishiba was reportedly set to have a call with US President Donald Trump on Monday night.Most Read from BloombergHousing Agency Aims to Relocate Its DC HeadquartersBoston Mayor Wu Embraces Trump Resistance as Campaign Heats UpThis Skinny Mexico City Tower Is Just 14 Feet Wide on One SideThe Irish Hot Press Is the Low-Tech Laundry Trick the World NeedsWh
Chancellor-in-waiting Friedrich Merz called on Monday for swift action to secure Germany's competitiveness in response to sliding stock and bond markets, following U.S. President Donald Trump's announcement of sweeping tariffs. Major stock indexes plunged on Monday as Trump showed no sign of backing away from his tariff plans, and investors bet the mounting risk of recession could see the Federal Reserve cutting interest rates as early as May.
Wall Street is coming off its worst week since the advent of the pandemic, shedding over $5 trillion in value amid Trump's tariff plans.
SHANGHAI (Reuters) -China intervened on Monday to support domestic stocks plunging on U.S. tariff woes, with a sovereign wealth fund increasing its holdings in equities and saying it would defend market stability. Central Huijin Investment, a unit of China Investment Corp, said in statement it has added China-listed shares via exchange-traded funds and will continue to increase holdings to "safeguard the smooth operation of the capital market." The Shanghai Composite Index lost 7% on Monday in its worst day in five years, reeling after the U.S. imposed extra tariffs of 34% on China last week which then fired back with its own 34% levies.
Policymakers cross Asia are preparing measures to support financial markets as a rout deepened following sweeping tariffs announced by U.S. President Donald Trump that stoked widespread recession worries. China's sovereign fund Central Huijin Investment said it was increasing holdings in China stocks, and would defend market stability, as the local market tumbled amid fears a widening trade war would unleash a deep recession. It is "firmly optimistic about the development prospects of China's capital market and fully recognizes the current investment value of A-shares."