The world-wide selloff, sparked by U.S. President Donald Trump’s threat to impose 10% tariffs on $300 billion of Chinese goods, showed no sign of relenting.
Asian markets felt the pressure overnight as the Chinese yuan fell below the politically sensitive level of 7 to the U.S. dollar. This has been viewed as a retaliation by China, as the currency is not free-floating.
The downward pressure spilled over into Europe as stocks on the continent also endured another difficult morning.
The Dow Jones Industrial Average appears set to open significantly lower on Monday after the worst week for stocks so far in 2019.
Dow futures dropped 1.4%, S&P 500 futures fell 1.5%, while Nasdaq Composite futures slipped 1.7%.