A gauge of Chinese stocks listed in the US plunged 8.9% on Friday, the most since October 2022, amid global market turmoil after Beijing announced 34% tariffs on all imports from the US. That came during a holiday for Chinese and Hong Kong equities, which will restart trading on Monday.

On Black Monday, the Dow Jones Industrial Average in the US plunged 22.6% - the steepest one-day percentage drop in its history. The selloff was triggered by a mix of overvalued markets, rising interest rates and panic selling amplified by computer-driven trading. The stock market recovered most of the losses soon, following intervention by the US Federal Reserve.

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.

Investors had been anticipating another week of turbulence as global trading partners react to the harsher-than-expected tariffs. U.S. S&P 500 E-minis stock futures were last down 4%. Dow E-minis were down 3.8%, while Nasdaq 100 E-minis were down 4.6% at the open on Sunday.

The Nikkei dropped as much as 8.8% to hit 30,792.74 for the first time since October 2023. The index was trading down 7.3% at 31,318.79, as of 0034 GMT.

Pro-growth currencies like the Australian and New Zealand dollars were not spared in the market rout that battered risk assets and wiped out nearly $6 trillion in value from U.S. stocks last week, on mounting fears of a global recession, particularly in the United States.

Brent futures declined $2.28, or 3.5%, to $63.30 a barrel at 0049 GMT, while U.S. West Texas Intermediate crude futures lost $2.20, or 3.6%, to $59.79. At the session low, both benchmarks hit their lowest since April 2021.

Markets declined by nearly one and a half percent due to weak global cues. Key stocks such as Nykaa, Delhivery, IndusInd Bank, and ITC will be watched closely amidst third-quarter updates and new developments, including acquisitions, revenue growth, and executive changes.

Indian equity markets saw a sharp downturn, with benchmark indices slipping over 2.5%, mainly due to weak global cues and trade war concerns. Upcoming events include the MPC meeting on April 9, key macroeconomic indicators on April 11, and TCS s Q4 results on April 10. Market sentiment remains weak, and further decline may trigger additional correction.

Stocks that were in focus include names like Shriram Finance, which rose 0.44% and BEL, which declined 3.2% and RITES, whose shares rose 0.6% on Wednesday.