NEW YORK, New York - U.S. stocks settled on Monday following massive falls across the globe. Hong Kong's key index, the Hang Seng dived 3,000 points or 13 percent in its biggest drop since tne Asian Financial Crisis of 1997.

In a press conference during the final minutes of trading U.S. President Donald Trump signalled the trade war would continue, and with China was likely to escalate.

"If China does not withdraw its 34 percent increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose additional tariffs on China of 50 percent, effective April 9th. Additionally, all talks with China concerning their requested meetings with us will be terminated!" Mr Trump told reporters.

The president ruled out a potential pause in tariffs, a rumor that had circulated markets earlier in the day,

"The president is losing the confidence of business leaders around the globe...this is not what we voted for," Bill Ackman, billionaire head of Pershing Square, posted on X. "The President has an opportunity on Monday to call a time out and have the time to execute on fixing an unfair tariff system. Alternatively, we are heading for a self-induced, economic nuclear winter, and we should start hunkering down," he said.

Global Markets Plunge Amid Escalating Trade Tensions

Global financial markets experienced significant downturnsMonday, as escalating trade tensions, particularly stemming from recent tariff announcements by U.S. President Donald Trump, led to widespread investor concern and market volatility.​

United States:

• S&P 500 (GSPC): Closed at 5,062.25, down 11.83 points, a decrease of 0.23 percent.​

• Dow Jones Industrial Average (DJI): Declined by 349.26 points to close at 37,965.60, a drop of 0.91 percent.​

• NASDAQ Composite (IXIC): Managed a slight gain, rising 15.48 points to end at 15,603.26, an increase of 0.10 percent.​

UK and Europe:

• FTSE 100 (UK): Plummeted by 352.90 points, closing at 7,702.08, a sharp decline of 4.38 percent.​

• DAX P (Germany): Dropped 852.10 points to 19,789.62, a fall of 4.13 percent.​

• CAC 40 (France): Decreased by 347.83 points, ending at 6,927.12, down 4.78 percent.​

• EURO STOXX 50 (STOXX50E): Fell 221.90 points to 4,656.41, a reduction of 4.55 percent.​

• Euronext 100 Index (N100): Declined by 65.71 points, closing at 1,370.36, down 4.58 percent.​

• BEL 20 (Belgium): Dropped 163.34 points to 3,930.25, a decrease of 3.99 percent.​

Asia-Pacific:

• Hang Seng Index (HSI): Experienced a massive drop of 3,021.51 points, closing at 19,828.30, down 13.22 percent.​

• STI Index (Singapore): Fell by 285.36 points to 3,540.50, a decline of 7.46 percent.​

• S&P/ASX 200 (Australia): Decreased 324.50 points, ending at 7,343.30, down 4.23 percent.​

• ALL ORDINARIES (Australia): Dropped 323.30 points to 7,524.30, a fall of 4.12 percent.​

• S&P BSE SENSEX (India): Declined by 2,226.79 points, closing at 73,137.90, down 2.95 percent.​

• FTSE Bursa Malaysia KLCI (Malaysia): Fell 60.34 points to 1,443.80, a decrease of 4.01 percent.​

• S&P/NZX 50 Index Gross (New Zealand): Dropped 449.40 points, ending at 11,775.88, down 3.68 percent.​

• KOSPI Composite Index (South Korea): Decreased by 137.22 points to 2,328.20, a fall of 5.57 percent.​

• TWSE Capitalization Weighted Stock Index (Taiwan): Plummeted 2,065.87 points, closing at 19,232.35, down 9.70 percent.​

• Nikkei 225 (Japan): Dropped 2,644.00 points to 31,136.58, a decline of 7.83 percent.​

Other Markets:

• S&P/TSX Composite Index (Canada): Fell by 334.01 points, ending at 22,859.46, down 1.44 percent.​

• TA-125 (Israel): Contrary to the global trend, gained 19.35 points to close at 2,406.07, an increase of 0.81 percent.​

• EGX 30 Price Return Index (Egypt): Declined by 185.60 points, ending at 30,453.90, down 0.61 percent.​

• Top 40 USD Net TRI Index (South Africa): Dropped 72.98 points to 4,144.60, a decrease of 1.73 percent.​

Currency Index:

• US Dollar Index (DX-Y.NYB): Rose by 0.28 points, closing at 103.31, an increase of 0.28 percent.​

The market turmoil was largely attributed to President Trump's recent implementation of sweeping tariffs on imports, which has intensified fears of a global recession. The Hang Seng Index's 13.22 percent drop marked its largest single-day decline in more than two decades, while European markets also faced substantial losses.

Global Currencies Slide as Dollar Gains Momentum Amid Risk-Off Sentiment

The U.S. dollar strengthened broadly against major world currencies on Monday, as investors sought safe-haven assets amid heightened global market volatility. A sharp selloff in equities and renewed concerns over global economic stability contributed to the greenback's rise, while several other currencies retreated.

Euro (EUR/USD)
The euro fell against the US dollar, with the pair last trading at 1.0921, down 0.37 percent. Weaker-than-expected manufacturing data from the eurozone and cautious comments from the European Central Bank contributed to the decline.

Japanese Yen (USD/JPY)
The US dollar advanced 0.73 percent against the Japanese yen, climbing to 147.97, as traders favoured the dollar despite typically risk-averse flows into the yen during periods of market stress. The move suggested persistent demand for US assets amid global unease.

Canadian Dollar (USD/CAD)
The greenback edged slightly higher against the Canadian dollar, rising 0.06 percent to 1.4233. The loonie struggled to gain ground amid softer oil prices and ongoing pressure from a stronger dollar.

British Pound (GBP/USD)
The pound posted a sharp drop against the US dollar, declining 1.36 percent to 1.2722. Market participants cited growing concerns over the UK's economic outlook and rising uncertainty surrounding fiscal policy, prompting a flight from sterling.

Swiss Franc (USD/CHF)
The US dollar dipped 0.20 percent against the Swiss franc, trading at 0.8578. The franc remained relatively stable, continuing to benefit from its safe-haven appeal even as the dollar broadly strengthened.

Australian Dollar (AUD/USD)
The Australian dollar fell 0.94 percent to 0.5978, hitting its lowest level since the pandemic. Risk aversion and weaker commodity prices contributed to the currency's underperformance, alongside renewed concerns about China's growth trajectory.

New Zealand Dollar (NZD/USD)
The New Zealand dollar also came under pressure, sliding 1.08 percent to 0.5531. The decline reflected broader weakness in risk-sensitive currencies, as well as reduced expectations for rate hikes from the Reserve Bank of New Zealand.

Overall, the U.S. .dollar's gains underscored the defensive positioning adopted by global investors, as sharp equity declines and fragile sentiment continued to dominate the financial landscape.