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Takeaways from the Key Takeaways
- Global stocks are falling, extending Thursday's rout, as President Donald Trump's sweeping reciprocal tariffs raised fears of a deepening trade war and recession.
- China is imposing 34% tariffs on U.S. imports starting April 10 in retaliation for those implemented by the White House, according to the official Xinhua News Agency.
- The Stoxx Europe 600 index is more than 2% lower, while Japan's Nikkei and Hong Kong's Hang Seng closed down 2.8% and 1.5%, respectively.
Global stocks continue to plummet, extending their Thursday’s slide, as President Donald Trump raised fears about a trade war and a recession with his sweeping reciprocal duties.
The Stoxx Europe 600 index is more than 2% lower, while Japan's Nikkei and Hong Kong's Hang Seng closed down 2.8% and 1.5%, respectively. China will impose 34% tariffs on U.S. imported goods starting April 10, in retaliation to those implemented by White House, according the official Xinhua News Agency.
Meanwhile, U.S. stocks futures are plunging ahead of the release of the March jobs report, with Dow Jones Industrial Average futures down about 950 points after tumbling nearly 1,700 points Thursday. The 10-year Treasury is yielding 3.88%. Oil prices continue to fall amid a flight to safety and as OPEC, its allies and other producers accelerate plans to increase production and unwind supply reductions.
Apple (AAPL), Microsoft(MSFT), Alphabet(GOOGL), Amazon(AMZN), Metameta (META), NvidiaNVDA and TeslaTSLA are all down.
"As we look over a three- to six-month horizon, our base case reflects our belief that the effective tariff rate will gradually reduce as economic, political, and business pressure mounts," UBS analysts wrote in a note Friday. "This will nonetheless mean a period of much slower US and global growth and an extended period of market volatility."
