Enter your details to join our mobile app waitlist and receive early access to the Bell Direct App.
Wall Street started the new trading week mostly in the red as investors piled out of equities for a third straight session after President Trump threatened even higher tariffs against China on Monday. Trading volume hit the highest level in 18 years yesterday with markets trading around 29 billion shares. The Dow Jones fell 0.91% on Monday, the S&P500 shed 0.23% and the tech-heavy Nasdaq ended the day up 0.1%.
In Europe overnight, markets in the region started the new trading week lower as investors continue to fear the global fall out of Trump’s Tariffs and implications on economic activity in the Eurozone. The STOXX 600 tumbled 4.54%, Germany’s DAX lost 4.26%, the French CAC plummeted 4.8%, and in the UK, the FTSE100 ended the day down 4.4%.
Asia markets started the week with another sea of red as global trade war fears escalate following China’s reciprocal tariff announcement on Friday. Hong Kong’s Hang Seng plummeted 13.22%, China’s CSI index fell 7.05%, Japan’s Nikkei tumbled 7.83% and South Korea’s Kospi index ended the day down 5.57%.
Locally on Monday, the ASX200 tanked over 4% to post the biggest loss in 5-years after China retaliated with tariffs on US goods, escalating the global trade war and tensions on a global scale.
Abacus Storage King was among the only winners on Monday with a rally over 20% after its majority investor Ki Corporation and NYSE-listed Public Storage lobbed a proposal to buy the remaining stake for $1.47 a share.
Market heavyweights tanked yesterday, with CBA diving over 6%, so too did BHP and other miners as the price of iron ore slumped on global trade and demand concerns.
What to watch today:
Trading Ideas: