U.S. futures dropped more than 4% and Australia’s share benchmark initially plunged 8.5% as work on more stimulus for the U.S. economy hit snags in the U.S. Senate.
Asian Shares & U.S. futures
- Shares dropped more than 4% in Hong Kong and 5% in South Korea.
- The Shanghai Composite index lost 2.6%.
- Japan’s Nikkei 225 index held steady, gaining 0.5% in early trading Monday.
- The future for the Dow dropped 4.3% to 18,220.00.
- South Korea’s Kospi lost 4.4% to 1,497.40.
- Hong Kong’s Hang Seng index also lost 4.4%, to 21,809.38.
- The Nikkei was at 16,633.46.
- The S&P 500 lost 4.3% to 2,304.92.
- The Dow skidded 4.6% to 19,173.98.
- The Nasdaq composite index lost 3.8% to 6,879.52.
Governments and central banks are trying to stave off or at least alleviate the impact of a recession.
- The euro rose to $1.0720 from $1.0697.
- The dollar was at 110.08 Japanese yen on Monday, slightly lower than the 110.83 yen level it was trading at late Friday.
Crude prices have plunged on worries about reduced demand and a price war among major oil producers.
- Brent crude oil fell 5.2% to $25.57 a barrel.