Global markets were roiled on Monday as President Donald Trump’s aggressive 34% reciprocal tariff announcement triggered a panic selloff, with Hong Kong’s Hang Seng Index crashing 11.75% or 2,684.07 points to 20,165.75 by midday — its worst drop since the 2008 financial crisis.
The market turmoil intensified as China responded with its own set of countermeasures, including additional tariffs on U.S. goods and plans to restrict exports of rare earth elements vital to high-tech and medical industries. The Chinese yuan slipped to its weakest level since January, while bond prices surged as investors rushed toward safer assets.
Back home, Indian indices mirrored the global sentiment. The BSE Sensex tanked 3,939.68 points to 71,425.01, while the Nifty 50 slumped 5.07% to 21,743.65 — both registering their steepest intraday fall since March 2020.
Hong Kong’s financial heavyweights bore the brunt, with HSBC and Standard Chartered shares tumbling over 15%. China’s CSI300 index lost more than 5%, while major tech players like Alibaba and Tencent dropped over 8%. Solar, appliances, and semiconductor stocks also recorded double-digit losses amid escalating fears of a prolonged trade war and looming recession.
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