Gold Prices Head for Biggest Weekly Loss Since June as Fed Rate Outlook Weighs 
UBS Boosts China Tech Bets, Adds Kuaishou and Meituan to Focus List 
Asian Currencies Hold Steady as Middle East Tensions Offset Weaker US Dollar 
Dollar Slides as Softer US Inflation Dims Fed Rate Hike Expectations 
South Korea Raises Interest Rates to 2.75% as Inflation and Weak Won Drive Tightening 
Nikkei Plunges 5% as AI Stock Selloff Spreads Across Asia 
South Korea’s KOSPI Enters Bear Market Despite Remaining 2026’s Best-Performing Major Stock Index 
Asian Stocks Rise as Softer U.S. Inflation Boosts Sentiment Despite Middle East Tensions 
Asian Stocks Slide as Chip Selloff Deepens Ahead of TSMC Earnings 
Oil Prices Climb as Trump Escalates Iran Pressure, Strait of Hormuz Risks Grow 
Port of Los Angeles Posts Record June Cargo Volume as Importers Rush Ahead of U.S. Tariffs 
Oil Prices Set for Weekly Surge as U.S.-Iran Conflict Fuels Supply Fears 
Brazil Weighs IP Curbs, Patent Suspensions After New U.S. Tariffs 
Gold Prices Slip as Oil Rally Fuels Inflation Fears, Strengthens Dollar 
U.S. Imposes 25% Tariff on Select Brazilian Imports After Section 301 Trade Investigation 
China Home Prices Fall Again in June Despite Slower Pace of Decline 
Oil Prices Rise as U.S. Strikes on Iran Raise Strait of Hormuz Supply Fears 
The S&P 500 fell sharply Monday as renewed trade war fears rattled markets after President Donald Trump confirmed tariffs on Mexico and Canada will take effect Tuesday. He also signed an order to impose an additional 10% tariff on Chinese imports, bringing the total levy to 20%.
At market close, the Dow Jones Industrial Average dropped 648 points (1.5%), the S&P 500 declined 2%, and the Nasdaq Composite plunged 2.6%. The latest tariffs come as negotiations with Mexico and Canada failed to yield a deal, increasing concerns over economic growth.
Manufacturing data further fueled worries, with the ISM Manufacturing PMI rising to 50.3 in February, below expectations of 50.6. While this marked a second consecutive month of expansion after 26 months of contraction, demand weakened, and companies continued cutting staff. The Atlanta Fed’s GDPNow model now projects a 2.8% contraction in the U.S. economy for Q1, worsening from last week’s 1.5% decline estimate.
Tech stocks took a hit, with NVIDIA (NASDAQ: NVDA) tumbling over 8% after reports that Chinese buyers are bypassing U.S. export bans to access its Blackwell chips. Intel (NASDAQ: INTC) lost 4% despite earlier gains following reports that it is running manufacturing tests with Nvidia and Broadcom (NASDAQ: AVGO).
Bitcoin dropped over 8%, reversing earlier gains despite optimism over Trump’s proposed U.S. Crypto Strategic Reserve, which he said would include Bitcoin, Ether, XRP, Solana, and Cardano.
In M&A news, Capri Holdings (NYSE: CPRI) is reportedly nearing a deal to sell Versace to Prada for approximately $1.6 billion.
Markets remain volatile as investors assess the impact of tariffs and economic uncertainty.
