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Money markets on Monday began showing signs of strain following an aggressive selloff engulfing global equities, sending various measures of demand for dollars to their strongest in months. Three-month cross-currency basis swaps, a derivative that reflects non-U.S. demand for dollars, shot to their strongest level for the euro and the pound since late 2023, while those for the Japanese yen reached their strongest in five months. A more negative number indicates demand for dollars from euro-based investors.

(Bloomberg) -- Japan’s Nikkei 225 Stock Average slid into a bear market over fears of a widening trade war, while Japanese Prime Minister Shigeru Ishiba was reportedly set to have a call with US President Donald Trump on Monday night.Most Read from BloombergHousing Agency Aims to Relocate Its DC HeadquartersBoston Mayor Wu Embraces Trump Resistance as Campaign Heats UpThis Skinny Mexico City Tower Is Just 14 Feet Wide on One SideThe Irish Hot Press Is the Low-Tech Laundry Trick the World NeedsWh

Chancellor-in-waiting Friedrich Merz called on Monday for swift action to secure Germany's competitiveness in response to sliding stock and bond markets, following U.S. President Donald Trump's announcement of sweeping tariffs. Major stock indexes plunged on Monday as Trump showed no sign of backing away from his tariff plans, and investors bet the mounting risk of recession could see the Federal Reserve cutting interest rates as early as May.

Wall Street is coming off its worst week since the advent of the pandemic, shedding over $5 trillion in value amid Trump's tariff plans.

SHANGHAI (Reuters) -China intervened on Monday to support domestic stocks plunging on U.S. tariff woes, with a sovereign wealth fund increasing its holdings in equities and saying it would defend market stability. Central Huijin Investment, a unit of China Investment Corp, said in statement it has added China-listed shares via exchange-traded funds and will continue to increase holdings to "safeguard the smooth operation of the capital market." The Shanghai Composite Index lost 7% on Monday in its worst day in five years, reeling after the U.S. imposed extra tariffs of 34% on China last week which then fired back with its own 34% levies.

Policymakers cross Asia are preparing measures to support financial markets as a rout deepened following sweeping tariffs announced by U.S. President Donald Trump that stoked widespread recession worries. China's sovereign fund Central Huijin Investment said it was increasing holdings in China stocks, and would defend market stability, as the local market tumbled amid fears a widening trade war would unleash a deep recession. It is "firmly optimistic about the development prospects of China's capital market and fully recognizes the current investment value of A-shares."

“I don’t want anything to go down, but sometimes you have to take medicine to fix something,” Trump told reporters on Sunday.

HONG KONG/SHANGHAI/NEW YORK (Reuters) -Some hedge funds say they are offloading all or most of their holdings of stocks as U.S. President Donald Trump's trade war wipes out trillions of dollars of market value and forces them to curtail trading using borrowed cash. In the three trading days following Trump's announcement of broad reciprocal tariffs on almost all countries, stock markets across the world have plummeted, and bonds have become both a haven and a bet on rate cuts by the Federal Reserve, turning on their head market assumptions before Trump took office. The selloff on Wall Street has been vicious as investors that bet on U.S. exceptionalism and economic might stampede out of its markets.

An index of European banking <.SX7P shares fell 4.8% on Monday, falling more than 20% from recent closing high and leaving it on course to confirm it is in a bear market. The decline extended into a third day as U.S. President Donald Trump's sweeping tariffs ignited fears of an all-out trade war and a global economic recession. Together with the losses over the past two trading days, the index had fallen by more than 18% on Monday.

TOKYO (Reuters) -The Bank of Japan said uncertainty over Japan's economy was growing as some firms worried about the hit to profits from higher U.S. duties, a sign that President Donald Trump's sweeping tariffs risk upending a moderate economic recovery. One of the BOJ's branch managers described the Trump-induced turmoil as "unlike any other shock" with the impact on the economy hard to quantify, suggesting the uncertainty will keep the central bank in a holding pattern for the time being. In a quarterly meeting of its regional branch managers on Monday, the BOJ maintained its assessment for all nine regions of the country to say they were either recovering or picking up moderately.