Morning Bid: Seems investors really don't like tariffs

A look at the day ahead in European and global markets from Wayne Cole

The jury is in, and it turns out investors really don't like a tariff-induced global trade war and likely recession - who knew? Wall St futures are down around 3%, as is the Nikkei, while European stock futures are off around 1.7%. Treasury yields hit multi-month lows, while the dollar index hit a near six-month low in pretty chaotic conditions.

The reaction was of a piece with the high drama around the announcement, as President Donald Trump read off various levies on live TV from a big blue and yellow board. Headlining the list was 34% extra for China, 20% on the EU, 32% for Taiwan, 24% for Japan and 46% for Vietnam.

The inclusion of high levies for Asia was clearly a shock to tech shares since it promises to raise costs sharply across their supply chains. Apple shares were down 7% after the bell.

Almost all analysts, contrary to arguments from the White House, see the end of free trade as a shock to U.S. and global e...
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