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· Wall Street sold off sharply on Friday after President Donald Trump revived a threat of new tariffs against China in response to the COVID-19 pandemic, which has brought global economies to a grinding halt.

All three major U.S. stock averages closed down well over 2%, and for the week they all lost ground.

The Dow Jones Industrial Average .DJI fell 622.03 points, or 2.55%, to 23,723.69, the S&P 500 .SPX lost 81.72 points, or 2.81%, to 2,830.71, and the Nasdaq Composite .IXIC dropped 284.60 points, or 3.2%, to 8,604.95.

· Stocks in Asia Pacific traded lower on Monday morning, with major markets regionally closed for holidays.

South Korea’s Kospi fell 2.28% in early trade while the Kosdaq index shed 0.59%.

In Australia, the S&P/ASX 200 slipped 0.51% in early trade. Shares of major bank Westpac dipped fractionally after the firm announced a profit plunge in its first half earnings and a deferral in its dividend payment.

Overall, the MSCI Asia ex-Japan index traded 0.78% lower.

Markets in China, Japan and Thailand are closed on Monday for holidays.