Asia stocks, oil prices plunge; markets hunger for rapid US rate cuts
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SYDNEY: Asian stock markets plunged on Monday as fears of a global trade war saw Wall Street futures dive, and investors wagered the mounting risk of recession could see U.S. interest rates cut as early as May. Futures markets moved swiftly to price in almost five quarter-point cuts in U.S. rates this year, pulling Treasury yields down sharply and hampering the dollar. The carnage came as White House officials showed no sign of backing away from their sweeping tariff plans, and China declared the markets had spoken on their retaliation through levies on U.S. goods. President Donald Trump told reporters that markets would have to take their medicine and he would not do a deal with China until the U.S. trade deficit was sorted out. Investors had thought the loss of trillions of dollars in wealth and the likely body blow to the economy would make Trump reconsider his plans. Live Events "The size and disruptive impact of U.S. trade p...