Last week, global stock markets faced a massive downturn, losing about $5 trillion in value triggered by President Donald Trump's tariff strategy. The U.S. S&P 500 saw its largest weekly drop since March 2020, while the Nasdaq Composite confirmed a bear market. Oil prices also plummeted due to concerns about an escalating trade conflict affecting global demand. In response, China announced hefty tariffs on American goods, confirming a deepening trade war that has analysts revising recession probabilities significantly higher.
Almost $5tn was wiped off the value of global stock markets last week after Donald Trump launched his tariff offensive last Wednesday.
The benchmark S&P 500 lodged its biggest weekly drop since March 2020 and the Nasdaq Composite on Friday ended down more than 20% from its December record high.
China on Friday said it would impose additional levies of 34% on American goods, confirming investor fears that a full-blown global trade war is under way.
Investment bank JPMorgan said it now saw a 60% chance of a global economic recession by year-end, up from 40% previously.
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