Live updates: ASX set for sharp decline after Wall St tumble on renewed trade war fears

Core Viewpoint - The announcement of a 100% tariff on Chinese imports by US President Donald Trump has triggered a significant sell-off in global markets, leading to heightened volatility and declines in major indices [1][4][6]. Market Reactions - Following Trump's announcement, Wall Street experienced a rapid decline, with the S&P 500 dropping 2.7% and the Dow falling 1.9%, while the Nasdaq saw a 3.6% decrease [4]. - European stocks also faced a downturn, with the Eurostoxx600 closing down 1.2% after reaching record highs earlier in the week [4]. - The global equities index, MSCI, fell by more than 2%, and futures indicated a 0.9% decline for the ASX 200 at opening [5]. Commodity and Currency Movements - Oil futures, both Brent and US crude, fell approximately 3% to their lowest levels in six months, while US copper futures dropped over 5% [5]. - In contrast, gold prices rose above $4,000 per ounce as investors sought safe-haven assets amid market turmoil [6]. - The US dollar index and US treasury bond yields decreased, but the Australian dollar did not benefit from this trend, reflecting a broader "risk-off" sentiment [7]. Cryptocurrency Impact - Cryptocurrencies were significantly affected, with Bitcoin declining over 8% and Ethereum nearly 6% on Friday, marking them as some of the biggest losers during the session [7]. - However, there was a slight recovery in cryptocurrencies over the weekend as tensions between the US and China appeared to ease [8].