Lola Evans
04 Mar 2025, 04:09 GMT+10
NEW YORK, New York - U.S. and Canadian stocks sank Monday, weighed down by President Donald Trump's looming trade tariffs.
The introduction of 25 percent tariffs on imports from Canada and Mexico, set to take effect Tuesday, has raised concerns about potential trade tensions and their impact on the global economy.
"No room left for Mexico or for Canada," Trump Monday from the White House. "Reciprocal tariffs start on April 2 … but very importantly, tomorrow, tariffs, 25 percent on Canada and 25 percent on Mexico … will start."
Following are Monday's closing quotes for the key U.S. indices:
S&P 500: The index fell by 104.78 points, or 1.76 percent, closing at 5,849.72.
Dow Jones Industrial Average: The Dow decreased by 649.67 points, or 1.48 percent, ending at 43,191.24.
NASDAQ Composite: The tech-heavy NASDAQ dropped 497.09 points, or 2.64 percent, to close at 18,350.19.
Global Forex Market Overview: Euro, Yen, and Pound Strengthen Against U.S. Dollar
The global foreign exchange market witnessed notable downward movements against major currencies on Monday, influenced largely by geopoliticakl developments with growing tension between the United States and Ukraine.
Euro and British Pound Appreciate Against the US Dollar
EUR/USD: The euro strengthened against the US dollar, rising by 0.95 percent to close at 1.0472. This appreciation comes ahead of the European Central Bank's anticipated interest rate decision, with markets expecting a 25 basis point cut to 2.50 percent.
GBP/USD: The British pound also gained ground, increasing by 0.88 percent to 1.2686. The UK's currency benefited from positive investor sentiment amid ongoing discussions about a potential Ukraine peace plan led by European leaders.
US Dollar Weakens Against Yen, Swiss franc
USD/JPY: The US dollar declined against the Japanese yen, falling by 0.94 percent to 149.19. This movement aligns with historical trends, as March has traditionally been a modestly bullish month for the yen.
USD/CHF: The dollar weakened against the Swiss franc, decreasing by 0.63 percent to 0.8964, reflecting broader dollar softness amid geopolitical uncertainties.
Commodity-Linked Currencies Show Mixed Performance
USD/CAD: The US dollar appreciated against the Canadian dollar, rising by 0.52 percent to 1.4533. This increase was attributed to investor concerns over the impending U.S. tariffs.
AUD/USD: The Australian dollar saw a slight tick down against the US dollar, slipping 0.08 percent to 0.6208.
NZD/USD: The New Zealand dollar experienced a modest gain, increasing by 0.24 percent to 0.5606.
Global Stock Markets Rally Amid Positive Economic Data
Global stocks rose Monday, particularly in Europe and in the UK.
European Markets
European stock markets experienced significant gains on Monday, buoyed by positive economic indicators and investor optimism.
Canadian Market
Asia and Pacific Markets
The Asia-Pacific region presented a mixed picture, with some markets advancing while others faced declines.
Middle East and Africa
Related story:
Monday 3 March 2025 | Dow Jones sinks 650 points as trade tariffs loom | Big News Network
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