U.S. stock futures continue to plummet on Sunday night and Asian stock markets close lower on Monday, as financial turmoil sparked by the U.S. President Donald Trump's "reciprocal tariffs" has escalated recession fears worldwide.
In the U.S., the E-Mini Dow Continuous Contract, E-Mini Standard and Poor's 500 Future Continuous Contract and E-Mini Nasdaq 100 Index Continuous Contract sank as much as 4.72 percent, 5.48 percent and 6.15 percent at one point.
Still, losses narrowed materially afterward with the futures of E-Mini Dow, Standard and Poor's 500 and Nasdaq down 2.63 percent, 3.14 percent and 3.85 percent, respectively, as of 17:45 eastern time (0145 GMT).
The U.S. stock market plunged on both Thursday and Friday with Standard and Poor's 500 Index down 10.53 percent in the last two sessions and Nasdaq Composite Index diving into the bear market.
Statistics show that the capitalization of U.S. stocks shed as much as 5.4 trillion U.S. dollars in the last two sessions.
Investors' confidence tumbled after U.S. President Donald Trump signed an executive order Wednesday on the so-called "reciprocal tariffs," imposing a 10-percent "minimum baseline tariff" and higher rates on certain trading partners.
As for Asia, Hong Kong's stock market cratered on Monday with the benchmark Hang Seng Index down 13.22 percent to close at 19,828.3 points.
The Hang Seng China Enterprises Index tumbled 13.75 percent to end at 7,262.72 points, and the Hang Seng Tech Index plunged 17.16 percent to 4,401.51 points.
Japan's benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, slid 2,644 points, or 7.83 percent, on Monday from Friday to end at 31,136.58, marking the index's third-largest drop on record, after briefly losing as much as 8.8 percent.
South Korea's benchmark Korea Composite Stock Price Index (KOSPI) lost 137.22 points, or 5.57 percent, to close at 2,328.20.
US, Asian markets rattled by Trump tariff shock
The fifth China International Consumer Products Expo (CICPE) opened in south China's island province of Hainan on Sunday with a record scale of global participation.
More than 1,700 companies from 71 countries and regions are participating in China's only national-level exhibition focused on consumer goods, showcasing over 4,100 brands.
Two special exhibition zones, respectively, on artificial intelligence (AI) and low-altitude economy applications, are set for the first time in Hall No. 1, where nearly 90 enterprises are showcasing their newest products and services, including more than 20 leading corporations in consumer electronics and cutting-edge sci-techs.
Brands like Huawei and Unitree are demonstrating products such as the latest smartphones and humanoid robots.
Live displays of low-altitude techs, such as Xpeng AeroHT's "flying car" and EHang's drones for cross-sea transport and tourism, are taking center stage.
China's Ministry of Commerce, one of the organizers of the CICPE, launched the "Shopping in China" campaign on Sunday morning, a nationwide initiative promoting shopping, dining, and tourism, as well as exhibitions and performances with about 30 activities throughout the year.
"Since five years (ago), we [have been participating in this] Hainan expo. We have now a company in Hainan. I am now living in Hainan. We have customers all over China. It's very big. The opportunity of China is the size of the market," said Ramel Francois Felix, CEO of Les Vignerons du Castelas.
"When we joined the consumer products expo last year, 80 percent of the exhibits we brought here were produced exactly according to designs for Pakistani people. So this year, we have brought different exhibits, many of which were designed with Chinese cultural elements," said a Pakistani exhibitor.
The first Singaporean exhibition group of enterprises appeared at the expo.
"Singapore selected five enterprises to attend the fifth CICPE. China's huge consumer market is their primary focus, and they hope this expo will help them enter the Chinese market and find some good business partners to sell their products better," said Liu Peng, chief representative with the Singapore representative office of the Hainan Provincial Bureau of International Economic Development.
The 2025 CICPE is bridging global brands with China's market, highlighting Hainan's role as a key free trade hub.
China International Consumer Products Expo opens with record scale of global participation
