The Dow Jones plunged close to 3 per cent on Monday, as the week began on a disastrous note for stocks across the globe. The S&P 500 also dropped three per cent, while the tech heavy Nasdaq fell as much as 3.5 per cent.
Apple led the decline in stocks that have the most to lose from the new round of tariffs, losing 5.2%.
China, allowed its currency the yuan, to fall to its lowest level against the dollar in more than a decade. The onshore yuan broke above 7 per U.S. dollar and traded around 7.05.
Dow Futures were pointing to another slide on Tuesday, even as Asian markets were slated to open lower.
Indian markets which have fallen near 10 per cent over the last one month are also likelyto be hit further. The SGX Nifty was showing a weakish trend. Financials, which led the fall on the Sensex and the Nifty on Monday, may once again see a downslide.
On Monday, Indian markets completely wiped-off the gains made in 2019, as financials led a complete metldown. The weakish trend is expected to continue through the week.
The quarterly numbers too have not been very encouraging, especially of some of the big banking names.