UPDATE 1-Asia Morning Call-Global Markets

----------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------

** indicates closing price

All prices as of 1955 GMT

EQUITIES

GLOBAL - Major stock indexes were mixed on Monday in turbulent trading dominated by concerns over U.S. President Donald Trump's global trade war, while the U.S. dollar and bond yields rose.

MSCI's gauge of stocks across the globe ,EURONEXT:IACWI, fell 14.27 points, or 1.87%, to 750.02.

For a full report, click on

- - - -

NEW YORK - The S&P 500 closed lower on Monday after a roller coaster session, with investors worried about an economic slowdown and rising inflation as U.S. President Donald Trump dug in his heels on tariffs, warning he could further increase levies on China.

According to preliminary data, the S&P 500 ,, lost 14.22 points, or 0.28%, to end at 5,059.86 points, while the Nasdaq Composite ,, gained 14.66 points, or 0.09%, to 15,602.44. The Dow Jones Industrial Average ,, fell 356.67 points, or 0.93%, to 37,958.19.

For a full report, click on

- - - -

LONDON - European shares slumped in a volatile session on Monday, with the STOXX 600 closing at its lowest since January 2024, as U.S. President Donald Trump showed no signs of letting up in his aggressive trade war.

The pan-European STOXX 600 ,, dropped 4.5%, down for the fourth straight session.

For a full report, click on

- - - -

TOKYO - Japan's Nikkei share average slumped on Monday to the lowest level in 1-1/2 years, with the index of Japanese bank stocks diving more than 17% at one point, as concerns over a tariff-induced global recession continued to rip through markets.

The Nikkei ,, dropped as much as 8.8% to hit 30,792.74 for the first time since October 2023, before ending the day down 7.8% at 31,136.58.

For a full report, click on

- - - -

SHANGHAI - Hong Kong stocks experienced their biggest drop since 1997 on Monday after Beijing fired back at U.S. tariffs with its own trade levies, deepening market turmoil amid fears of a widening trade war, while China's sovereign wealth fund intervened to stabilise local shares.

China's CSI300 ,, blue-chip index ended lower by 7%.

For a full report, click on

- - - -

AUSTRALIA - Australian shares are likely to open slightly higher on Tuesday, as local investors gauge Treasurer Jim Chalmers' remarks on the country being able to manage the direct impact of U.S. President Donald Trump's tariffs.

The local share price index futures (YAPcm1) rose 0.6% higher, a 43.7-point premium to the underlying S&P/ASX 200 index ,, close. The benchmark finished 4.2% lower on Monday.

For a full report, click on

- - - -

SEOUL - South Korean shares plunged on Monday to their lowest level in more than 17 months, activating a trading curb, as U.S. tariff worries strike global financial markets.

The benchmark KOSPI ,, closed down 137.22 points, or 5.57%, at 2,328.20.

For a full report, click on

- - - -

FOREIGN EXCHANGE

NEW YORK - Investors bought into safe havens such as the dollar, yen and Swiss franc on Monday as concerns about a global recession heightened following U.S. President Donald Trump's sweeping tariffs on trading partners.

The dollar cut its losses against other safe-haven currencies. It was up 0.50% against the yen ,, to 147.605, after tumbling more than 1.4% earlier in the session. The dollar also hit its lowest in six months against the Swiss franc and was last down 0.06% at 0.8605 franc in choppy trading ,,.

For a full report, click on

- - - -

SHANGHAI - China's yuan slipped to a 2-1/2-month low against the dollar on Monday, dragged down by intensifying trade tensions between the world's two largest economies following tit-for-tat tariffs on each other's goods.

The onshore yuan ,, fell 0.7%to a trough of 7.3192 per dollar in morning trade, the weakest level since January 20, before changing hands at 7.3127 as of 0400 GMT.

For a full report, click on

- - - -

AUSTRALIA - The Australian dollar dived to five-year lows on Monday, slammed by fears that a tit-for-tat global trade war would send the global economy into a recession, which had some traders bet on outsized rate cuts Down Under.

The Aussie ,, is battling to stay above 60 cents, having plunged to a five-year low of $0.5933 earlier in the day.

For a full report, click on

- - - -

SEOUL - The won ,, was quoted at 1,467.8 per dollar, down 0.5% from the previous close and 2.6% from a five-week high hit on Friday when a court ruling upholding the impeachment of President Yoon Suk Yeol reduced political risk.

For a full report, click on

- - - -

TREASURIES

NEW YORK - U.S. Treasury yields rebounded on Monday and 10-year yields were on track for their largest daily gain in a year on rising optimism that some countries may negotiate deals with U.S. President Donald Trump to avoid trade tariffs.

Benchmark 10-year note yields ,, were last up 15.8 basis points on the day at 4.149% andare on track for the largest daily increase since April 10, 2024.

For a full report, click on

- - - -

LONDON - Euro zone bond yields rose in volatile late European trading on Monday as markets digested headlines on tariff negotiations and investors wait to see whether U.S. President Donald Trump will budge on his sweeping tariffs.

Germany's 10-year bond yield (DE10YT=RR) was last up 4 basis points (bps) at 2.657% after earlier falling to 2.479%, its lowest since March 4.

For a full report, click on

- - - -

TOKYO - Japanese government bond yields hit multi-month lows on Monday, as worries about a global recession from aggressive U.S. tariffs drove safe-haven flows to the securities and spurred speculation that the Bank of Japan will need to wait longer before raising interest rates.

The 10-year JGB yield (JP10YTN=JBTC) dropped 5 basis points (bps) to 1.110% as of 0450 GMT, its lowest since January 6.

For a full report, click on

COMMODITIES

GOLD - Gold prices fell more than 2% on Monday, with investors turning to the dollar as a safe haven after sweeping U.S. tariffs raised fears of a global recession.

Spot gold ,, was down 2.4% to $2,963.19 an ounce as of 1:36 p.m. ET (1736 GMT), after hitting a near four-week low of $2,955.89 earlier in the session.

For a full report, click on

- - - -

IRON ORE - Iron ore futures prices sank on Monday, dragged by tit-for-tat tariffs between the U.S. and top consumer China that have widened a global trade war.

The most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) ,, ended daytime trade 3.36% lower at 762.5 yuan ($104.31) a metric ton.

For a full report, click on

- - - -

BASE METALS - Base metals in London declined on Monday, with copper hitting its lowest level in over 16 months on fears about reduced demand and higher chances of a recession following trade tensions between the U.S. and China.

The benchmark three-month copper ,, on the London Metal Exchange (LME) fell 0.5% to $8,734.5 per metric ton by 1606 GMT.

For a full report, click on

- - - -

OIL - Oil prices slid 2% to a near four-year low on Monday on worries U.S. President Donald Trump's latest trade tariffs could push economies around the world into recession and reduce global demand for energy.

Brent futures ,, fell $1.37, or 2.1%, to settle at $64.21 per barrel.

For a full report, click on

- - - -

PALM OIL - Malaysian palm oil futures fell to a 10-week low on Monday, pressured by weaker soyoil and crude oil prices, as China's retaliatory tariffs on U.S. goods raised fears of a global trade war.

The benchmark palm oil contract ,, for June delivery on the Bursa Malaysia Derivatives Exchange slid 146 ringgit, or 3.37%, to close at 4,182 ringgit ($934.32) a metric ton.

For a full report, click on

- - - -

RUBBER - Japanese rubber futures logged their steepest daily drop in over four years on Monday as U.S. President Donald Trump's fresh tariffs kicked in, further widening a global trade war and denting demand prospects.

The Osaka Exchange (OSE) September rubber contract ,,, ,, ended morning trade 26.7 yen lower, or 8.33%, at 294 yen ($2.02) per kg, posting its biggest daily drop since November 4, 2020.

For a full report, click on

- - - -