Bears On Prowl Across Globe As US Tariffs Roil Intl Trade

Chinese officials meet business representatives from Tesla and other US companies. ASEAN leaders will also meet to discuss member states’ strategies and to mitigate potential disruptions to regional supply chain networks

Washington: Global markets plunged on Monday following last week’s two-day meltdown on Wall Street, and President Donald Trump said he won’t back down on his sweeping new tariffs, which have roiled global trade. European shares followed Asian markets lower, with Germany’s DAX falling 6.5 per cent to 19,311.29. In Paris, the CAC 40 shed 5.7 per cent to 6,861.27, while Britain’s FTSE 100 lost 4.5 per cent to 7,694.00. S&P-500 futures tumbled by 2.8 per cent with the benchmark entering bear phase. On last Friday, S&P-500 closed lower by 17.4 per cent from its closing record touched in February. Dow Jones Industrial average futures fell 965 points or 2.5 per cent. Nasdaq-100 futures lost 3.2 per cent as investors continued to shed their one-time tech winners to raise cash.

Asian markets plunge as tariff fallout intensifies Asian markets plunged on Monday following last week’s two-day meltdown on Wall Street, and US President Donald Trump said he won’t back down on his sweeping tariffs on imports from most of the world unless countries even out their trade with the US.

Tokyo’s Nikkei-225 index lost nearly eight per cent shortly after the market opened on Monday. By midday, it was down six per cent. Hong Kong’s Hang Seng dropped 9.4 per cent, while the Shanghai Composite index was down 6.2 per cent, and South Korea’s Kospi lost 4.1 per cent. US futures also signalled further weakness. Market observers expect investors will face more wild swings in the days and weeks to come, with a short-term resolution to the trade war appearing unlikely.

The Pakistan Stock Exchange fell rapidly on Monday. The exchange suspended trading for an hour after a 5 per cent drop in its main KSE-30 index. The Dubai Financial Market exchange fell 5 per cent as it opened for the week. The Abu Dhabi Securities Exchange fell 4 per cent. Markets that opened Sunday saw losses as well. Saudi Arabia’s Tadawul stock exchange fell over 6 per cent in trading. The giant of the exchange, Saudi Arabia’s state-owned oil company Aramco, fell over 5 per cent on its own, wiping away billions in market capitalisation for the world’s sixth-most-valuable company.

Chinese officials meet business representatives from Tesla and other US companies Chinese government officials met business representatives from Tesla, GE Healthcare and other US companies on Sunday.