A global selloff in equities worsened in Asia, while the dollar strengthened and Treasury yields edged lower as investors shunned risky bets with President Donald Trump ratcheting up tariffs.
A benchmark of Asian shares dropped the most in almost a month after the S&P 500 slid 1.6% Thursday and erased its gains for the year.
The Nasdaq 100 declined 2.8% while Nvidia Corp. shares slumped 8.5% after its latest earnings and equity-index futures pionted for Europe pointed for the sale to continue.
From Sydney to Mumbai, stock indexes slid amid concerns over Trump’s latest round of tariffs on Canada, Mexico and China will pan out and impact economic growth.
Bitcoin, seen as a so-called ‘Trump trade,’ plunged and the greenback advanced against all Group-of-10 currencies. Investors shunned riskier corners of the market, with technology shares in Hong Kong taking a hammering.
Trump said the 25% tariffs on Canada and Mexico would come into force from March 4, while Chinese imports would face a further 10% levy.
