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Global temperatures hovered at historic highs in March, Europe’s climate monitor said on Tuesday, prolonging an extraordinary heat streak that has tested scientific expectations.In Europe, it was the hottest March ever recorded by a significant margin, said the Copernicus Climate Change Service, driving rainfall extremes across a continent warming faster than any other.The world meanwhile saw the second-hottest March in the Copernicus dataset, sustaining a near-unbroken spell of record or near-record-breaking temperatures that has persisted since July 2023.Since then, virtually every month has been at least 1.5 degrees Celsius (2.7 degrees Fahrenheit) hotter than it was before the industrial revolution when humanity began burning massive amounts of coal, oil and gas. March was 1.6C (2.9F) above pre-industrial times, prolonging an anomaly so extreme that scientists are still trying to fully explain it.”That we’re still at 1.6C above preindustrial is indeed remarkable,” said Friederike Otto of the Grantham Institute for Climate Change and the Environment at Imperial College London. “We’re very firmly in the grip of human-caused climate change,” she told AFP.- Contrasting extremes – Scientists warn that every fraction of a degree of global warming increases the intensity and frequency of extreme weather events such as heatwaves, heavy rainfall and droughts.Climate change is not just about rising temperatures but the knock-on effect of all that extra heat being trapped in the atmosphere and seas by greenhouse gases like carbon dioxide and methane.Warmer seas mean higher evaporation and greater moisture in the atmosphere, causing heavier deluges and feeding energy into cyclones, but also affecting global rainfall patterns.March in Europe was 0.26C (0.47F) above the previous hottest record for the month set in 2014, Copernicus said.It was also “a month with contrasting rainfall extremes” across the continent, said Samantha Burgess of the European Centre for Medium-Range Weather Forecasts, which runs the Copernicus climate monitor. Some parts of Europe experienced their “driest March on record and others their wettest” for about half a century, Burgess said.Elsewhere in March, scientists said that climate change intensified an extreme heatwave across Central Asia and fuelled conditions for extreme rainfall which killed 16 people in Argentina.- Persistent heat -The spectacular surge in global heat pushed 2023 and then 2024 to become the hottest years on record.Last year was also the first full calendar year to exceed 1.5C: the safer warming limit agreed by most nations under the Paris climate accord.This represented a temporary, not permanent breach, of this longer-term target, but scientists have warned that the goal of keeping temperatures below that threshold is slipping further out of reach.Scientists had expected that the extraordinary heat spell would subside after a warming El Nino event peaked in early 2024, and conditions gradually shifted to a cooling La Nina phase.But global temperatures have remained stubbornly high, sparking debate among scientists about what other factors could be driving warming to the top end of expectations.The European Union monitor uses billions of measurements from satellites, ships, aircraft and weather stations to aid its climate calculations.Its records go back to 1940, but other sources of climate data — such as ice cores, tree rings and coral skeletons — allow scientists to expand their conclusions using evidence from much further in the past.Scientists say the current period is likely the warmest the Earth has been for the last 125,000 years.

Stock markets and oil prices slumped further on a black Monday for markets as US President Donald Trump stood firm over his tariffs despite recession fears.Trading floors across the globe experienced waves of further selling after last week’s sharp losses, with Trump telling Americans to “be strong, courageous, and patient,” minutes before the New York stock market opened to drops of over three percent.Both the Dow and S&P 500 finished volatile sessions lower while the Nasdaq mustered a modest gain.Much worse hit was Hong Kong, which collapsed by 13.2 percent in its worst day in nearly three decades.Trillions of dollars have been wiped off combined stock market valuations in recent sessions. Taipei stocks suffered their worst fall on record Monday, tanking 9.7 percent. Tokyo closed down by almost eight percent. Frankfurt fell as much as 10 percent in early trading before paring back losses to end the day down 4.1 percent.”The carnage in global equity markets has continued,” said Thomas Mathews, Asia Pacific head of markets at Capital Economics.A 10 percent “baseline” tariff on imports from around the world took effect Saturday.A slew of countries will be hit by higher duties from Wednesday, with levies of 34 percent for Chinese goods and 20 percent for EU products.Beijing last week announced its own 34 percent tariff on US goods, which will come into effect on Thursday.Trump on Monday threatened to slap an additional 50 percent tariff on China if Beijing did not withdraw its retaliation plans — heightening the prospect of another round of tit-for-tat hikes.Major US indices briefly surged into positive territory following a report that White House economic advisor Kevin Hassett said Trump was considering a 90-day tariff pause.But markets retreated when the White House denied the story posting Hassett’s interview on Fox News that had been misquoted.- Bitter medicine -Hopes that the US president would rethink his policy in light of the turmoil were dashed on Sunday when he said he would not make a deal with other countries unless trade deficits were solved.”Sometimes you have to take medicine to fix something,” he said of the market pain that has wiped trillions of dollars off company valuations, which impacts the retirement savings of many Americans.In a letter to shareholders, JPMorgan Chase CEO Jamie Dimon warned that Trump’s broad tariffs “will likely increase inflation.””Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth,” Dimon said, concluding that “the recent tariffs will likely increase inflation.”With the start of the first quarter earnings reports, the market is likely to get a flurry of updated outlooks by companies that could further dampen sentiment.Concerns about future energy demand saw oil prices slide more than two percent, having dropped some seven percent Friday. Both main contracts hit their lowest levels since 2021, but then cut losses.- Key figures around 2050 GMT -New York – Dow: DOWN 0.9 percent at 37,965.60 (close)New York – S&P 500: DOWN 0.2 percent at 5,062.25 (close)New York – Nasdaq Composite: UP 0.1 percent at 15,603.26 (close)London – FTSE 100: DOWN 4.4 percent at 7,702.08 (close)Paris – CAC 40: DOWN 4.8 percent at 6,927.12 (close)Frankfurt – DAX: DOWN 4.1 percent at 19,789.02 (close)Tokyo – Nikkei 225: DOWN 7.8 percent at 31,136.58 (close)Hong Kong – Hang Seng Index: DOWN 13.2 percent at 19,828.30 (close)Shanghai – Composite: DOWN 7.3 percent at 3,096.58 (close)West Texas Intermediate: DOWN 2.1 percent at $60.70 per barrelBrent North Sea Crude: DOWN 2.1 percent at $64.21 per barrelEuro/dollar: DOWN at $1.0904 from $1.0956 on FridayPound/dollar: DOWN at $1.2723 from $1.2887Dollar/yen: UP at 147.83 yen from 146.93 yen Euro/pound: UP at 85.68 pence from 85.01 penceburs-jmb/bjt

Royal Challengers Bengaluru survived a batting blitz from Mumbai Indians skipper Hardik Pandya to win a thriller by 12 runs on Monday in the IPL and spoil Jasprit Bumrah’s return from an injury.Mumbai named Bumrah in the XI as the India bowler returned three months after he missed the final day of the fifth Test against Australia in Sydney due to a back injury.Bengaluru’s Virat Kohli and skipper Rajat Patidar hit 67 and 64 to steer Bengaluru to 221-5 after being invited to bat first at Mumbai’s Wankhede Stadium.In reply, Pandya smashed a 15-ball 42 and Tilak Varma struck 56, but five-time champions Mumbai finished on 209-9 for their fourth defeat in five matches this season.Hardik’s elder brother and Bengaluru spinner Krunal Pandya held his nerve to bowl the final over when Mumbai needed 19 runs but lost three wickets including two on the first two balls.Krunal, a left-arm spinner, returned figures of 4-45 in Bengaluru’s third win in four matches.Mumbai slipped to 99-4 including former captain Rohit Sharma out for 17, but Hardik and the left-handed Varma put on 89 runs to turn on the heat with fours and sixes.Bhuvneshwar Kumar dismissed Varma and then Australia fast bowler Josh Hazlewood took down Pandya for his second wicket in the 19th over to derail the chase.Left-arm medium-pace bowler Yash Dayal also took two key wickets including Rohit, bowled for 17 after he came in as an impact substitute, and Suryakumar Yadav for 28.Earlier, Hardik took two wickets and Bumrah registered figures of 0-29 in Bengaluru’s mammoth total as Kohli and Patidar bossed the opposition bowling.Kohli lost opening partner Phil Salt on the second ball of the match off New Zealand left-arm quick Trent Boult, but soon took on the bowlers with regular boundaries.He put on 91 runs for the second wicket with left-hander Devdutt Padikkal, who hit 37 off 22 balls, and reached his fifty off 29 balls with a six.Padikkal fell but Kohli put together 48 runs with Patidar until Hardik hit back.Hardik sent back Kohli and then England’s Liam Livingstone, out for a duck, in the space of four deliveries.The runs kept coming as Patidar was joined by Jitesh Sharma, who hit an unbeaten 40, and the two hammered 69 runs off 27 balls.Jitesh finished with a flourish in his 19-ball knock laced with two fours and four sixes despite a disciplined last over from Bumrah.

Thousands of Afghans have crossed the border from Pakistan in recent days, the United Nations and Taliban officials said, as Islamabad ramped up pressure for them to return to Afghanistan.Pakistan last month set an early April deadline for some 800,000 Afghans carrying Afghan Citizen Cards (ACC) issued by Pakistan authorities to leave the country, another phase in Islamabad’s campaign in recent years to repatriate Afghans.Families with their belongings in tow lined up at the key border crossings of Torkham in the north and Spin Boldak in the south, recalling similar scenes in 2023 when tens of thousands of Afghans fled deportation threats in Pakistan. “In the last 2 days, 8,025 undocumented & ACC holders returned via Torkham & Spin Boldak crossings,” the UN International Organization for Migration (IOM) said in a post on social media platform X on Monday.”IOM stands ready to scale up its response at key border points with forced returns expected to surge in the coming days,” it said.Taliban officials also said thousands of people had crossed the border, but at lower rates than the IOM reported.Refugee ministry spokesman Abdul Mutalib Haqqani told AFP that 6,000-7,000 Afghans had returned since the start of April, saying “more than a million Afghans might return”.”We are urging Pakistan authorities not to deport them (Afghans) forcefully — there should be a proper mechanism with an agreement between both countries, and they must be returned with dignity,” he said.- ‘An hour to leave’ -The UN says nearly three million Afghans live in Pakistan, many having lived there for decades after fleeing successive conflicts in their country and after the Taliban’s return to power in Kabul in 2021.”We were forced to return. Two days ago I was stopped and asked for documentation when they were searching houses,” 38-year-old Abdul Rahman told AFP after passing the Spin Boldak crossing with his family from Quetta, in Pakistan’s southwest, where they lived for six years. “They didn’t even gave me an hour (to leave), I sold a carpet and my phone to make some money to come here, all my other belongings we left behind,” he said. Human rights activists have been reporting for months the harassment and extortion of Afghans in Pakistan, a country mired in political and economic chaos. More than 1.3 million Afghans who hold Proof of Registration cards from the UN refugee agency, UNHCR, have also been told to move outside the capital Islamabad and the neighbouring city of Rawalpindi.Human Rights Watch has slammed “abusive tactics” used to pressure Afghans to return to their country, “where they risk persecution by the Taliban and face dire economic conditions”. Ties between the neighbouring countries have frayed since the Taliban takeover in Afghanistan.Islamabad has accused Kabul’s rulers of failing to root out militants sheltering on its soil, a charge that the Taliban government denies, as Pakistan has seen a sharp rise in violence in border regions with Afghanistan.

US President Donald Trump cautioned against “stupid” panic on Monday as a global stock market rout deepened after Beijing retaliated against his tariffs offensive.Shares in New York joined the slump, with all three major US indices falling more than three percent in early trading.European equities were deep in the red but Asia fared worse, with Hong Kong’s Hang Seng index crashing 13.2 percent, its biggest drop since the 1997 Asian financial crisis, and Tokyo’s Nikkei 225 falling an eye-watering 7.8 percent.A 10-percent “baseline” tariff on imports from around the world took effect Saturday but a slew of countries will be hit by higher duties from Wednesday, with levies of 34 percent for Chinese goods and 20 percent for EU products.Minutes before the markets opened in New York, Trump posted that his tariff reforms were “a chance to do something that should have been done decades ago.””Don’t be Weak! Don’t be Stupid!… Be Strong, Courageous, and Patient, and GREATNESS will be the result!” he urged.Beijing announced last week its own 34-percent tariff on US goods, which will come into effect on Thursday.The move pushed Trump to chastise China for not heeding “my warning for abusing countries not to retaliate” as he called Beijing “the biggest abuser of them all” on tariffs.But Chinese vice commerce minister Ling Ji said the tit-for-tat duties “are aimed at bringing the United States back onto the right track of the multilateral trade system.””The root cause of the tariff issue lies in the United States,” Ling told representatives of US companies on Sunday.EU trade ministers gathered in Luxembourg on Monday to discuss the bloc’s response, with Germany and France having advocated a tax targeting US tech giants.”We must not exclude any option on goods, on services,” said French Trade Minister Laurent Saint-Martin.- ‘Aggressive’ options -The 27-nation bloc should “open the European toolbox, which is very comprehensive and can also be extremely aggressive,” he said.German Economy Minister Robert Habeck likewise said Europe should be prepared to use its trade “bazooka” — a new anti-coercion mechanism allowing it to punish any country using economic threats to exert pressure on the EU.But signs of divergence emerged from Ireland, whose low corporate tax rate has attracted US tech and pharmaceutical companies.Targeting services “would be an extraordinary escalation,” said Irish Trade Minister Simon Harris.Trump on Sunday had doubled down, saying “sometimes you have to take medicine to fix something.”He told reporters aboard Air Force One that world leaders were “dying to make a deal.”Trillions of dollars have been wiped off stocks worldwide since Trump announced the tariffs last week, and the losses deepened on Monday.JPMorgan Chase CEO Jamie Dimon warned the tariffs “will likely increase inflation,” in a letter to shareholders Monday.”Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth,” he said.Taipei recorded its heaviest loss on record as it sank 9.7 percent.The Stoxx Europe 600 index was down five percent in early afternoon deals, with more than 1.5 trillion euros of market capitalization going up in smoke over just a few days.The main US oil contract dropped below $60 a barrel for the first time since April 2021 on worries of a global recession.- Global demand ‘vanishing’ -“The market’s telling you in plain language: global demand is vanishing, and a global recession is on the cards and coming on fast,” said Stephen Innes at SPI Asset Management.US officials said more than 50 countries have reached out to Trump to negotiate.Japan’s Prime Minister Shigeru Ishiba said on Monday he had held a call with Trump in which they agreed to more talks on the tariffs.Benjamin Netanyahu, prime minister of Israel — hit with 17 percent tariffs, despite being one of Washington’s closest allies — was due on Monday to become the first leader to meet Trump since last week’s announcement.Vietnam, a manufacturing powerhouse with a big trade surplus with the United States, has already reached out and requested a delay of at least 45 days to thumping 46-percent tariffs.

India’s Adani Group said on Monday it had opened an $800 million container terminal in Sri Lanka, right next to a similar facility operated by a Chinese company.The Adani development at Sri Lanka’s main seaport in Colombo is widely seen as a counter to the rival Chinese terminal and as a means for India to secure a foothold at the strategic facility.The launch of the Adani-operated facility came a day after Indian Prime Minister Narendra Modi concluded a state visit to Sri Lanka during which he secured defence and energy deals with Colombo.”The commencement of operations at CWIT (Colombo West International Terminal) marks a momentous milestone in regional cooperation between India and Sri Lanka,” billionaire chairman Gautam Adani, a key ally of Modi, said in a statement.Sri Lanka lies at a key halfway point along the main east–west international maritime route and Colombo is a major transhipment hub for South Asia.The company said it had completed 600 metres (660 yards) out of a final 1,400-metre long berth with a depth of 20 metres that is able to handle the largest container ships.- ‘Global maritime map’ -“Not only does this terminal represent the future of trade in the Indian Ocean, but its opening is also a proud moment for Sri Lanka, placing it firmly on the global maritime map,” Adani said.The joint venture went ahead despite the Indian conglomerate withdrawing in December a request for a US government-backed $533 million loan for the construction.The move followed an indictment in New York in November 2024, which accused the Adani Group of deliberately misleading international investors as part of a bribery scheme. Adani has denied any wrongdoing.The other partners in the Adani port venture are Sri Lanka’s publicly listed John Keells Holdings and the state-owned Sri Lanka Ports Authority.Construction began in early 2022, with the first phase featuring eight automated ship-to-shore cranes and 18 gantry cranes.There were no public statements from either side during Modi’s visit about Adani’s withdrawal from another venture, a $442 million wind power project in the north of Sri Lanka.That withdrawal followed a decision by President Anura Kumara Dissanayake’s administration to revoke a power purchase agreement with the Adani Group in order to negotiate lower energy prices.Dissanayake’s party had strongly criticised the deal as “corrupt” and called for it to be renegotiated.

US buyers have begun halting orders from Bangladesh, the world’s second-biggest garment manufacturer, after punishing US tariffs that pushed the government in Dhaka to plead on Monday for a three-month pause to the levies.Textile and garment production accounts for about 80 percent of exports in Bangladesh and the industry has been rebuilding after it was hit hard in a student-led revolution that toppled the government last year.US President Donald Trump hit Bangladesh with biting new tariffs of 37 percent on Wednesday, hiking duties from the previous 16 percent on cotton products.Reports of the swift biting impact come as interim leader Muhammad Yunus pleaded with Trump to “postpone the application of US reciprocal tariff measures”, the government said in a statement.Yunus wrote to Trump to ask for “three months to allow the interim government to smoothly implement its initiative to substantially increase US exports to Bangladesh”, the statement added.Those products include “cotton, wheat, corn and soybean which will offer benefits to US farmers”, it read.”Bangladesh will take all necessary actions to fully support your trade agenda,” Yunus told Trump, according to the statement.- ‘In limbo’ -Manufacturers said the impact had been near immediate.Mohammad Mushfiqur Rahman, managing director of Essensor Footwear and Leather Products, said he received a letter from one of his buyers requesting a shipment halt.”My buyer asked me to stop a shipment of leather goods — including bags, belts, and wallets — worth $300,000 on Sunday,” Rahman told AFP.”He’s a long-time buyer and now both of us are in limbo over the issue.”Rahman, who has been operating since 2008, usually sends goods averaging about $100,000 to the United States every month.Bangladesh exported approximately $8.4 billion worth of goods to the United States last year, of which $7.34 billion came from the ready-made garments sector.Bengali newspaper Prothom Alo also quoted AKM Saifur Rahman, CEO of ready-made garments producer Wikitex-BD, saying that his US buyer had requested a halt to a shipment worth $150,000.”My US buyer said it is not possible to pass the extra cost on to their clients, so we need to lower the price,” Rahman told the daily.- ‘Request your patience’ -Md Anwar Hossain, government-appointed administrator of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), sent a letter to US-based buyers pleading for understanding.”We are aware that several brands and retailers have already reached out to their Bangladeshi suppliers, expressing concern and, in some cases, discussing possible measures to mitigate the impact,” Hossain wrote.”We understand the urgency, but transferring the burden downstream to suppliers at this early stage will only exacerbate the stress,” he added.”We humbly request your patience and support during this period as Bangladesh pursues a meaningful resolution.”But former BGMEA director Mohiuddin Rubel said some buyers have already asked for shipments to be put on hold until further notice.”In particular, smaller buyers are pressuring suppliers to either absorb the full tariff, or share the cost,” Rubel told AFP.

A global stock market rout deepened on Monday and fears of recession rose after China retaliated against US President Donald Trump’s tariffs and Europe calibrated its response to the escalating trade war.European equities were deep in the red but Asia fared worse, with Hong Kong’s Hang Seng index crashing 13.2 percent, its biggest drop since the 1997 Asian financial crisis, and Tokyo’s Nikkei 225 falling an eye-watering 7.8 percent.A 10-percent “baseline” tariff on imports from around the world took effect on Saturday but a slew of countries will be hit by higher duties from Wednesday, with levies of 34 percent for Chinese goods and 20 percent for EU products.While other countries weigh their options, Beijing announced last week its own 34-percent tariff on US goods, which will come into effect on Thursday.The tit-for-tat duties “are aimed at bringing the United States back onto the right track of the multilateral trade system”, Chinese vice commerce minister Ling Ji said.”The root cause of the tariff issue lies in the United States,” Ling told representatives of US companies on Sunday, according to his ministry.EU trade ministers gathered in Luxembourg on Monday to discuss the bloc’s response, with Germany and France having advocated a tax targeting US tech giants.”We must not exclude any option on goods, on services,” said French Trade Minister Laurent Saint-Martin.The 27-nation bloc should “open the European toolbox, which is very comprehensive and can also be extremely aggressive”, he said.German Economy Minister Robert Habeck likewise said Europe should be prepared to use its trade “bazooka” — a new anti-coercion mechanism allowing it to punish any country using economic threats to exert pressure on the EU.But signs of divergence already emerged, with Ireland, whose low corporate tax rate has attracted US tech and pharmaceutical companies, warning against that course of action.Targeting services “would be an extraordinary escalation at a time when we must be working for de-escalation”, said Irish Trade Minister Simon Harris.EU trade chief Maros Sefcovic said Europe was facing a “paradigm shift of the global trading system”.- Recession fears -Trump on Sunday doubled down on his demand to slash deficits with trading partners, saying he would not cut any deals unless that was resolved.”Sometimes you have to take medicine to fix something,” said Trump, whose administration has shrugged off the market panic.He told reporters aboard Air Force One that world leaders were “dying to make a deal”.Trillions of dollars have been wiped off stocks worldwide since Trump announced the tariffs last week, and the losses deepened on Monday.Taipei recorded its heaviest loss on record as it sank 9.7 percent.In Europe, Frankfurt’s DAX sank as much as 10 percent in early deals but the German index pared back losses and was down just under four percent shortly after midday, with similar losses in Paris and London.US markets were expected to open deep in the red later on Monday.The main US oil contract dropped below $60 a barrel for the first time since April 2021 on worries of a global recession.”The market’s telling you in plain language: global demand is vanishing, and a global recession is on the cards and coming on fast,” said Stephen Innes at SPI Asset Management.- Status quo ‘gone’ -US officials said more than 50 countries have reached out to Trump to negotiate.Japanese Prime Minister Shigeru Ishiba, whose country faces a 24-percent levy, said Tokyo would present Trump with a “package” of measures to win relief from US tariffs ahead of a mooted call between the leaders.Benjamin Netanyahu, prime minister of Israel — hit with 17 percent tariffs, despite being one of Washington’s closest allies — was due on Monday to become the first leader to meet Trump since last week’s announcement.British Prime Minister Keir Starmer warned in a newspaper op-ed that “the world as we knew it has gone”, saying the status quo would increasingly hinge on “deals and alliances”.Vietnam, a manufacturing powerhouse with a big trade surplus with the United States, has already reached out and requested a delay of at least 45 days to thumping 46-percent tariffs.US Treasury Secretary Scott Bessent told NBC’s Meet the Press that Trump has “created maximum leverage for himself”.”I think we’re going to have to see what the countries offer and whether it’s believable,” Bessent said.Other countries have been “bad actors for a long time and it’s not the kind of thing you can negotiate away in days or weeks”, he said.

Asian and European equities collapsed on a black Monday for markets after China hammered the United States with its own hefty tariffs, ramping up a trade war many fear could spark a recession.Trading floors were overcome by a wave of selling as investors fled to the hills, with Hong Kong’s loss of 13.22 percent its worst in nearly three decades. Taipei socks suffered their worst fall on record, tanking 9.7 percent, while Frankfurt dived 10 percent and Tokyo shed almost eight percent.Futures for Wall Street’s markets were also taking another drubbing, while commodities slumped.US President Donald Trump sparked a market meltdown last week when he unveiled sweeping tariffs against US trading partners for what he said was years of being ripped off and claimed that governments were lining up to cut deals with Washington.But after Asian markets closed on Friday, China said it would impose retaliatory levies of 34 percent on all US goods from April 10. Beijing also imposed export controls on seven rare earth elements, including gadolinium — commonly used in MRIs — and yttrium, utilised in consumer electronics.On Sunday, vice commerce minister Ling Ji told representatives of US firms that Trump’s tariffs “firmly protect the legitimate rights and interests of enterprises, including American companies”.Hopes that the US president would rethink his policy in light of the turmoil were dashed Sunday when he said he would not make a deal with other countries unless trade deficits were solved.”Sometimes you have to take medicine to fix something,” he said of the ructions that have wiped trillions of dollars off company valuations.- No sector spared -The savage selling in Asia was across the board, with no sector unharmed — tech firms, car makers, banks, casinos and energy firms all felt the pain as investors abandoned riskier assets.Among the biggest losers, Chinese ecommerce titans Alibaba tanked 18 percent and rival JD.com shed 15.5 percent, while Japanese tech investment giant SoftBank dived more than 12 percent and Sony gave up 10 percent.Hong Kong’s 13-percent drop marked its worst day since 1997 during the Asian financial crisis — while Frankfurt plunged 10 percent at one point.Shanghai shed more than seven percent, with China’s state-backed fund Central Huijin Investment vowing to help ensure “stable operations” of the market.Singapore plunged nearly eight percent, while Seoul gave up more than five percent, triggering a so-called sidecar mechanism — for the first time in eight months — that briefly halted some trading. Sydney, Wellington, Manila and Mumbai were also deep in the red, while London and Paris both dropped around five percent. “We could see a recession happen very quickly in the US, and it could last through the year or so, it could be rather lengthy,” said Steve Cochrane, chief Asia-Pacific economist at Moody’s Analytics. “If there’s a recession in the US, of course, China will feel it as well because demand for its goods will be hit even harder,” he added.Concerns about demand saw oil prices sink more than three percent at one point Monday, having dropped around seven percent Friday. Both main contracts are now sitting at their lowest levels since 2021. Copper — a vital component for energy storage, electric vehicles, solar panels and wind turbines — also extended losses.- Carnage on Wall Street -The losses followed another day of carnage on Wall Street on Friday, where all three main indexes fell almost six percent.”Over Thursday and Friday, the S&P 500 fell by a massive 10.53 percent in total, making it the fifth-worst two-day performance since World War Two,” said analysts at Deutsche Bank.”Indeed, the only other times we’ve seen a double-digit loss over two sessions were during Covid-19, the height of the (global financial crisis), and Black Monday 1987.”That showing came after Federal Reserve boss Jerome Powell said US tariffs will likely cause inflation to rise and growth to slow, and warned of an “elevated” risk of higher unemployment.”Powell’s hands are tied,” said Stephen Innes at SPI Asset Management. “He’s acknowledged the obvious — that tariffs are inflationary and recessionary — but he’s not signalling a rescue.” While Powell has so far refused to announce any rate cuts, markets are betting he will do soon.- Key figures around 0815 GMT -Tokyo – Nikkei 225: DOWN 7.8 percent at 31,136.58 (close)Hong Kong – Hang Seng Index: DOWN 13.2 percent at 19,828.30 (close)Shanghai – Composite: DOWN 7.3 percent at 3,096.58 (close)London – FTSE 100: DOWN 4.6 percent at 7,686.66West Texas Intermediate: DOWN 4.1 percent at $59.41 per barrelBrent North Sea Crude: DOWN 4.0 percent at $62.99 per barrelDollar/yen: DOWN at 145.80 yen from 146.98 yen on FridayEuro/dollar: UP at $1.1019 from $1.0962Pound/dollar: UP at $1.2911 from $1.2893Euro/pound: UP at 85.36 pence from 85.01 penceNew York – Dow: DOWN 5.5 percent at 38,314.86 (close) 

World markets crashed on Monday with Asia leading the rout, as US President Donald Trump held firm on his swingeing tariffs despite China retaliating and global recession warnings growing louder.Hong Kong’s Hang Seng plunged more than 13 percent, its biggest drop since the 1997 Asian financial crisis, while in Japan the Nikkei 225 index fell an eye-watering 7.8 percent. Countries mostly have been scrambling to blunt the new US tariffs without retaliating, but Beijing is responding in kind, escalating the trade war between the two biggest economies.Beijing’s new 34-percent tariffs announced on Friday “are aimed at bringing the United States back onto the right track of the multilateral trade system,” vice commerce minister Ling Ji said.”The root cause of the tariff issue lies in the United States,” Ling told representatives of US companies on Sunday, according to his ministry.Trump on Sunday doubled down on his demand to slash deficits with trading partners, saying he would not cut any deals unless that was resolved.”Sometimes you have to take medicine to fix something,” Trump said on Sunday.He told reporters aboard Air Force One that world leaders are “dying to make a deal”.Trillions of dollars have been wiped off stocks worldwide, and on Monday Asian equities took an even heavier hammering as investors moved to safer assets.In Europe, Frankfurt’s DAX sank a massive 10 percent with Paris diving more than six percent and London sliding nearly six percent.US oil dropped below $60 a barrel for the first time since April 2021 on worries of a global recession.”(This) is blunt-force economic warfare,” said Stephen Innes at SPI Asset Management.”The market’s telling you in plain language: global demand is vanishing, and a global recession is on the cards and coming on fast,” Innes said.- ‘Deals and alliances’ -Benjamin Netanyahu, prime minister of Israel — which has been hit with 17 percent tariffs, despite being one of Washington’s closest allies — was due Monday to become the first leader to meet Trump since last week’s announcement.Britain’s Prime Minister Keir Starmer warned in a newspaper op-ed that “the world as we knew it has gone,” saying the status quo would increasingly hinge on “deals and alliances.”Trump’s staggered deadlines have left space for some countries to negotiate, even as he insisted he would stand firm and his administration warned against any retaliation.”More than 50 countries have reached out to the president to begin a negotiation,” Kevin Hassett, head of the White House National Economic Council, told ABC’s This Week on Sunday, citing the US Trade Representative.Vietnam, a manufacturing powerhouse that counted the US as its biggest export market in the first quarter, has already reached out and requested a delay of at least 45 days to thumping 46 percent tariffs imposed by Trump.- ‘Bad actors’ -Treasury Secretary Scott Bessent also told NBC’s Meet the Press that 50 countries had reached out.But as for whether Trump will negotiate with them, “I think that’s a decision for President Trump,” Bessent said. “At this moment he’s created maximum leverage for himself… I think we’re going to have to see what the countries offer, and whether it’s believable,” Bessent said. Other countries have been “bad actors for a long time, and it’s not the kind of thing you can negotiate away in days or weeks,” he claimed.Peter Navarro, Trump’s tariff guru, has pushed back against the mounting nervousness and insisted to investors that “you can’t lose money unless you sell,” promising “the biggest boom in the stock market we’ve ever seen.”Russia has not been targeted by the latest raft of tariffs, and Hassett cited talks with Moscow over its invasion of Ukraine as the reason for their omission from the hit list.On Wednesday a White House official suggested the reason for Russia’s omission was because trade was negligible thanks to sanctions.Trump has long insisted that countries around the world that sell products to the United States are in fact ripping Americans off, and he sees tariffs as a means to right that wrong.”Some day people will realize that Tariffs, for the United States of America, are a very beautiful thing!” Trump wrote on Truth social Sunday.But many economists have warned that tariffs are passed on to US consumers and that they could see price rises at home.”I don’t think that you’re going to see a big effect on the consumer in the US,” Hassett said.