Asian shares nosedived on Monday after the meltdown Wall Street over US President Donald Trump’s tariff hikes and the backlash from Beijing.
Bangkok: Asian shares nosedived on Monday after the meltdown Friday on Wall Street over US President Donald Trump’s tariff hikes and the backlash from Beijing.
US futures also signaled further weakness. The future for the S&P 500 lost 4.2% while that for the Dow Jones Industrial Average shed 3.5%. The future for the Nasdaq lost 5.3%.
Tokyo’s Nikkei 225 index lost nearly 8% shortly after the market opened and Australia’s S&P/ASX 200 tumbled more than 6%.
South Korea’s Kospi lost 4.4%.
Oil prices sank further, with US benchmark crude down 4%, or $2.50, at $59.49 per barrel. Brent crude, the international standard, gave up $2.25 to $63.33 a barrel.
On Friday, Wall Street’s worst crisis since COVID slammed into a higher gear. The S&P 500 plummeted 6% and the Dow plunged 5.5%. The Nasdaq composite dropped 5.8%.
The losses came after China matched President Donald Trump’s big raise in tariffs announced last week, upping the stakes in a trade war that could end with a recession that hurts everyone. Even a better-than-expected report on the U.S. job market, usually the economic highlight of each month, wasn’t enough to stop the slide.
So far there have been few, if any, winners in financial markets from the trade war. Stocks for all but 14 of the 500 companies within the S&P 500 index fell Friday.
