Global Markets Fell on Continued Tariff Concerns

By Dow Jones Newswires StaffAsian stock markets closed sharply lower, tracking U.S. stock futures, as tariff concerns continued to slam assets.The dollar and Treasury yields fell, while oil and bitcoin continued the selloff from last week. European stocks took their cue from Asia and opened down between around 6% and 7%.On Sunday, U.S. heavyweight investors such as Bill Ackman and Dan Loeb raised their concerns about the damage being done ahead of the start of U.S. earnings this week, when major banks start to report.U.S. stock futures for the tech-heavy Nasdaq-100 dropped more than 5%, while Dow industrials futures were recently down around 4%.The benchmark Shanghai Composite Index closed 7.3% lower at 3096.58, marking its largest one-day loss since February 2020. South Korea's Kospi slumped to a 17-month low, and the Nikkei Stock Average closed 7.8% lower at 31136.58, its lowest level since October 2023.Shares in European banks took another beating at market open on Monday as fears from the ripple effects of U.S. tariffs on the global economy extended last week's heavy declines. The Stoxx 600 banks index fell 5.4%, with the overall index down 6%.The DXY dollar index fell 0.5% to 102.466, having reached a six-month low of 101.267 Thursday.Bitcoin recently fell to a five-month low of $74,445 according to LSEG data.The 10-year U.S. Treasury yield last traded seven basis points down at 3.918%, but above Friday's low of 3.860%, according to Tradeweb.Brent crude was last down 4.1% to $62.90 a barrel.Write to Barcelona Editors at [email protected]