The stock markets and oil prices fell on a black Monday for the markets as US President Donald Trump was firm on his tariff despite the fears of recession.
The trading floor worldwide was away from the waves of further sales after a strong loss last week, told Americans “to be strong, courageous and patient”, as the New York stock market opened for more than three percent drops of more than three percent of the market.
Hong Kong fell to 13.2 percent in its worst day in nearly three decades.
The evaluation of the joint stock market has been erased in recent seasons.
Taipei Stock faced its worst fall on records on Monday, a 9.7 percent tank, while Tokyo closed up to about eight percent.
Frankfurt fell as 10 percent in early trade before the loss of about 4.6 percent less in the afternoon deals.
The dollar was mixed after a strong loss last week.
Asia Pacific Pacific Head Thomas Mathews in Capital Economics said, “The massacre continues in the global equity markets.”
He said that Trump can still withdraw his tariff.
“But, if he does not, the equity can still be very ill.”
10 percent “baseline” tariff on imports from around the world came into effect on Saturday.
A group of countries will be with a group of countries, 34 percent for Chinese goods and 20 percent for European Union products due to high duties from Wednesday.
Beijing announced its 34 percent tariff on American goods last week, which will be applicable on Thursday.
Canada on Monday launched a World Trade Organization complaint against the American Auto Tariff.
The European Union stated that it had a proposal for both sides to have zero tariffs on cars and other industrial items to the United States, while Tokyo agreed to more interaction with Washington.
– Bitter medicine –
It is expected that the US President would reconsider his policy in the light of the upheaval, he collapsed on Sunday when he said that he would not make a deal with other countries until the trade deficit was resolved.
“Sometimes you have to take medicines to fix something,” they said about the creations that have eliminated trillions of dollars from the evaluation of the company, which affects the retirement savings of a large number of Americans.
On Monday, Trump told Americans “Don’t be weak!
In the letter to shareholders, Jamie Dimon, CEO of JP Morgan Chase, warned that Trump’s broad tariff is “likely to increase inflation”.
Dimon said, “Whether or not the tariff menu causes recession, it remains in question, but it will slow down development,” Dimon said, “Recent tariffs will increase inflation.”
With the introduction of the first quarter earnings report, the market is likely to be a hurry of updated approach by companies that may reduce further feelings.
Monday’s barbaric sales were across the board, in which no sector was spared.
Tech firms, car manufacturers, banks, casinos and energy firms felt pain as investors abandoned risky assets.
Concerns about future energy demand saw oil prices up to three percent, falling a few percent on Friday.
The two main contracts hit their lowest level since 2021.
Kremlin said it was monitoring the price of oil fall – on which Russia’s economy is highly dependent.
– Major data around 1330 GMT –
New York – Dow: 37,166.35 points down 3.0 percent
New York – S&P 500: 4,908.53 below 3.3 percent
New York – NASDAQ Composite: 3.9 percent at 14,978.03
London – FTSE 100: 4.4 percent at 7,698.31
Paris – CAC 40: 4.7 percent at 6,931.42
Frankfurt – Dax: 4.6 percent at 19,687.87
Tokyo – 7.8 percent (off) at Nikkei 225: 31,136.58
Hong Kong – Hang Seng Index: 13.2 percent (off) at 19,828.30
Shanghai – Composite: 7.3 percent (off) at 3,096.58
West Texas Intermediate: Down 2. Percent $ 60.27 per barrel
Brent North Sea Crude: Down 2. Percent $ 63.85 per barrel
Euro/Dollar: On Friday at $ 1.0962 to $ 1.0966
Pound/Dollars: $ 1.2804 below $ 1.2893
Dollar/Yen: 146.98 Yen down to 146.67 yen
Euro/Pound: 85.01 Pence to 85.64 Pence
(Except for the headline, the story has not been edited by NDTV employees and is published by a syndicated feed.)
