Futures on major US indexes tumbled with shares in Asia and Europe, while Oil dropped after Donald Trump threatened to escalate trade war with China.
Asian markets were a sea of red as Donald Trump's trade war threat with China panicked investors.London Capital Group, a market analyst firm, said in an email to clients that Trump's threat took the markets by surprise and sent investors"into a risk off frenzy."Global markets plunged on Donald Trump's shock tariff threat, after the US—China trade war escalated on Sunday.
The news panicked investors on Monday, as futures on all major US indexes dropped at least 1.8% on the news. Asia was also a sea of red, while both crude oil and WTI fell at least 1%. Hong Kong's Hang Seng index tanked 2.9%, while Europe's benchmark Euro Stoxx 50 dropped 2%. "Headlines from the trade talks had been indicating that progress was being made and that the two sides were closing in on an agreement.
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