ASIA/PACIFIC
Asian stocks were hit hardest as panic selling swept through the region. The Hang Seng Index in Hong Kong plunged 13.22%, leading regional losses. The Shanghai Composite Index fell 7.3% after Beijing announced 34% tariffs on American imports, a direct response to U.S. measures. On Sunday, President Trump stated that no tariff discussions would occur until the $1 trillion U.S.-China trade imbalance is resolved. Japan’s Nikkei 225 tumbled 7.8%. Australia’s S&P/ASX 200 shed 4.2%, with banks and miners leading the retreat. Investors turned to bonds, the Japanese yen, and the Swiss franc, signaling heightened global risk aversion.
EUROPE
European markets closed deeply in the red as President Trump threatened a further 50% hike on Chinese tariffs unless Beijing withdraws its countermeasures. The pan-European Stoxx 600 dropped 4.5%, with broad-based declines across sectors including utilities, retail, financials, energy, and chemicals, each falling more than 5%. The UK’s FTSE 100 was off 4.38%, Germany’s DAX plunged 4.13 and France’s CAC 40 plummeted 4.78%.
AMERICAS
U.S. equity markets closed lower as the administration stood firm on its tariff policies. President Trump reiterated on Sunday that there would be no negotiations with China until the trade deficit is dealt with. The uncertain outlook continues to weigh heavily on investor sentiment. Trump addressed the recent sell-off, saying: “Sometimes you have to take medicine to fix something.” The S&P 500 declined by 0.2%, the Dow Jones Industrial Average fell 0.9% and the Nasdaq Composite managed a slight gain of 0.1%.
AFRICA
Egypt’s EGX30 fell 0.6% on the day. The Central Bank of Egypt reported net international reserves rising to $47.757 billion in March from $47.393 billion in February, signaling underlying macroeconomic stability.
MIDDLE EAST
Gulf markets largely followed the global trend, closing lower as oil prices fell by 3%, undermining investor confidence. Dubai’s index: –3.1% Abu Dhabi’s index: –2.6% Qatar’s index: –0.4% Saudi Arabia’s Tadawul: +1.1% (reversed early losses). Meanwhile, UAE’s outstanding bonds and Sukuk rose to $309.4 billion by Q1 2025, up 8.3% YoY, according to Fitch Ratings.
COMMODITIES
GOLD
Gold (Spot): –1.3% to $2,999.49/oz. Gold (Futures): –0.6% to $3,015.80/oz. Investors preferred the U.S. dollar as a safer bet.
OIL
U.S. crude oil: –2.15% to $60.66 Brent crude: –1.98% to $64.28. “Oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is NO INFLATION, and the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place,” the US president said in a Truth Social post.
