Global Markets Reel as US Recession Fears Spike

Asian markets faced a turbulent start as Wall Street futures tumbled amid rising U.S. recession risks, with potential rate cuts anticipated as early as May. Weakened by an ongoing trade dispute, markets globally responded with significant selloffs across equities and commodities.

Global financial markets were thrown into disarray on Monday as looming fears of a U.S. recession caused Wall Street futures to nosedive, impacting Asian markets significantly. In particular, S&P 500 futures dropped 3.9% while Nasdaq futures fell an additional 4.8%, reflecting the heightened anxiety over a potential global trade conflict.

Amid continued indications that the U.S. and China remain at loggerheads regarding tariffs, the tumult sent investors seeking safer financial havens. In response, Treasury futures surged, revealing a strong possibility of a U.S. Federal Reserve rate cut by mid-year.

The financial turbulence further pressured oil and gold prices, with Brent crude and U.S. crude both recording significant declines at the start of the trading week.

(With inputs from agencies.)