A flight from global equities accelerated Monday and investors piled into haven assets as the fallout from US President Donald Trump’s tariffs deepened after China announced retaliatory measures.
Stocks tumbled from Sydney to Mumbai, sending a gauge of Asian shares lower by as much as 7.9%, the worst intraday drop in more than 16 years.
Equity-index futures for US and Europe both fell about 3.6%. Oil retreated. Yields on two-year Treasuries, the most policy sensitive bonds, declined as much as 22 basis points.
The dollar was mixed against major peers, with traditional haven currencies like the yen and Swiss franc outperforming.
Credit-default swaps in Asia blew out by the most since the Covid-19 pandemic in 2020. Hong Kong’s benchmark index had its biggest intraday drop in more than 16 years as Beijing announced 34% tariffs on all imports from the US.
A gauge of technology stocks in the city sank as much as 14% and Taiwan’s equity index tumbled the most on record.
