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Global stocks are largely lower Monday, with the dollar extending its declines, weighed on by Beijing’s threat of retaliation against countries that strike trade deals to isolate China.
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U.S. stock futures are pointing lower on the first trading day since Thursday, when major stock indexes ended the holiday-shortened week in the red.
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The Stoxx Europe 600 index and Hong Kong’s Hang Seng Index are closed for Easter Monday while Japan’s Nikkei 225 ended lower.
Global stocks are largely lower Monday, with the dollar extending its declines, weighed on by Beijing’s threat of retaliation against countries that strike trade deals to isolate China.
Beijing said Monday it would retaliate against countries that cooperate with the U.S. in trade deals that hurt China’s interests.
“It should be pointed out in particular that China firmly opposes any party reaching a deal at the expense of China’s interests,” a Chinese commerce ministry spokesperson said. “If this happens, China will never accept it and will resolutely take countermeasures in a reciprocal manner. China is determined and capable of safeguarding its own rights and interests.”
That follows a post by President Donald Trump on his Truth Social platform Sunday outlining a list of eight so-called “non-tariff cheating” measures, including currency manipulation and value-added taxes.
U.S. stock futures are pointing lower on the first trading day since indexes ended mixed Thursday to close a holiday-shortened week. Dow Jones Industrial Average futures are 0.9% lower, S&P 500 futures are down 1.1%, and Nasdaq futures are 1.2% lower.
The Stoxx Europe 600 index and Hong Kong’s Hang Seng Index are closed for Easter Monday. Japan’s Nikkei ended down 1.3%.
The dollar fell further and the 10-year Treasury yield rose to 4.36%. The search for safe havens is driving gold prices higher, to more than $3,400, and lifting shares of miners like Newmont (NEM) in premarket trading.
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