Asian share markets, U.S. stock futures and oil prices slipped to multi-month lows on Monday on worries intensifying Sino-U.S. tensions and Washington’s new tariff threats against Mexico could tip the global economy into a recession.
Asian Share Markets
- E-mini futures for S&P500 dropped 0.5% in early Asian trade to 2,738, near their March low of 2,722.
- Japan’s Nikkei skidded 1.1% to a four-month low.
- MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed in early trade, but held barely above last week’s four-month low.
- The CSI 300 index of Chinese shares advanced 0.9%, but kept within its recent range.
Currency
- The euro, which has been declining at a steady pace this year, was little moved $1.1171, off last week’s low of $1.1116.
- In the currency market, the safe-haven yen held firm. The dollar changed hands at 108.19 yen, having dipped to as low as 108.17, its weakest level since mid-January.
- The Chinese yuan traded at 6.9418 per dollar, near 5-1/2-month lows of 6.9497 touched on May 17.
- The Mexican peso, hit by Trump’s sudden threat to impose tariffs on Friday, regained some stability, trading at 19.6355 to the dollar, after its 2.5% fall on Friday.
Oil Markets
- U.S. crude futures dropped 1.1% in early trade to $52.92, having touching their weakest levels since mid-February earlier in the day.
- Brent crude futures tumbled 1.5% to $61.06 per barrel.
- Copper futures in Shanghai fell 0.5% to two-year lows.
Bonds
- The 10-year U.S. Treasuries yield fell to as low as 2.121 percent, a nadir last seen in September 2017.
