Dubai stocks plummeted by 4.45%, and Abu Dhabi stocks dropped by 4% in early trading on Monday, following the large tariffs imposed by U.S. President Donald Trump and the retaliatory measures taken by China. These developments sparked fears of a trade war and the potential for a global recession.
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In a related development, the Japanese Nikkei index fell by nearly 9% at the start of Monday’s trading, and the index tracking Japanese banks dropped by up to 17%. These declines reflect ongoing concerns about a global recession triggered by the tariffs, which continue to weigh on markets.
The Nikkei plunged by 8.8% to 30,792.74 points, its lowest level since October 2023. By 00:34 GMT, the index was trading 7.3% lower at 31,318.79 points.
All 225 components of the Nikkei index were trading lower. The broader Topix index dropped by 8% to 2,284.69 points. The Topix bank index fell by 17.3%, marking its last decline of 13.2%. The banking sector was particularly affected by the heavy selling wave in Japanese stocks, with the sector seeing a 30% drop over the past three sessions.
-- (Reuters)
