With Donald Trump’s Liberation Day nearing, global markets are slumping and the price of gold has hit a new record high as investors sought a safe haven from risks to the global economy.
Global shares slumped on Monday, with benchmarks in Tokyo and Taiwan falling more than 4%, while the price of gold hit a record high, trading at $3,154 an ounce.
Investors have pulled back and sought traditional safe havens like gold as worries build over a potentially toxic mix of worsening inflation and a slowing U.S. economy because households are afraid to spend due to the deepening trade war that has escalated under U.S. President Donald Trump.
The future for the S&P 500 sank 1%, while that for the Dow Jones Industrial Average dropped 0.7%.
European markets opened lower. Britain’s FTSE 100 slid 1% to 8,576.54, and France’s CAC 40 declined 1.1% to 7,829.09.
Germany’s DAX fell 1.1% to 22,222.99.
Thailand’s SET lost 1.3% after a powerful earthquake centered in Myanmar rattled the region, causing widespread destruction in the country, also known as Burma, and less damage in places like Bangkok.
Shares in Italian Thai Development, developer of a partially built 30-story high-rise office building under construction that collapsed, tumbled 27%. Thai officials said they are investigating the cause of the disaster, which left dozens of construction workers missing.
Stock markets worldwide appear shaky as a Wednesday deadline approaches for more tariffs.
