Wall Street was sharply lower at today's opening as the spiraling trade dispute between Beijing and Washington weighed on global stocks. China on Friday vowed to slap tariffs on up to $50 billion in US imports, including crude oil, retaliating like-for-like against US tariffs on Chinese goods announced the same day by President Donald Trump.
Ten minutes into the day's trading, the Dow Jones was about a full percentage point down at 24,842, putting the index on track for a five-day losing streak. Meanwhile the broader S&P 500 and tech-heavy Nasdaq had both fallen 0.8% to stand at 2,758 and 7,681 respectively.
European markets continued to see heavy falls this afternoon after US President Donald Trump announced tariffs on Chinese goods and Beijing responded with similar measures in an escalating trade dispute.
London's FTSE index had slipped 13 points (0.17%) to stand at 7,621 by 3pm, while the Paris CAC had dropped 63 points (1.1%) to 5,439 and the Frankfurt DAX slumped 168 points (1.3%) to trade at 12,842.
Dublin's ISEQ index was also lower this afternoon, falling 52 points (0.7%) to stand at 7,076. Shares in Aryzta slumped 3.8% to €12.87, while Ryanair was down 1.2% to €15.86 and CRH lost 1.8% to trade at €31.75. As the company holds its AGM today, shares in Datalex fell 4.2% to trade at €2.73.
Earlier in Asian trade, Tokyo's Nikkei index lost 171 points (0.75%) to close at 22,680 amid lingering worries over a US-China trade war, while the impact of a strong earthquake that shook western Japan earlier in the day was limited. The Hang Seng index in Hong Kong is close today for a national holiday.