Bay Street Looks Headed For Another Weak Session

(RTTNews) - Except the yellow metal, which is up marginally, nothing else is moving up on Friday.

Asian stocks tumbled, European stocks are plunging sharply and oil prices are plummeting as well, as U.S. President Donald Trump's sweeping "reciprocal tariffs" announcement has triggered fears of a strong retaliation by some major trading partners and possibility of a global recession.

Criticizing Trump's decision to impose 34% of additional reciprocal levies on China, which raises total U.S. tariffs against the country to 54%, as "inconsistent with international trade rules," the China's finance ministry said today that it will impose a 34% tariff on all goods imported from the U.S. starting on April 10.

With more countries, including Canada and the European Union, likely to announce countermeasures in the foreseeable future, the mood on Bay Street is likely to remain bearish today. There could be some bargain hunting, but stocks may find it tough to hold at higher levels.

The focus will be on jobs data from both sides of the borders.

The Canadian market ended on a dismal note on Thursday amid concerns about a global trade war after President Donald Trump outlined his plan to impose sweeping tariffs on U.S. trade partners.

The benchmark S&P/TSX Composite Index plunged early in the session and remained sharply lower throughout the day before closing down 971.41 points or 3.8% at 24,335.77.

Asian stocks extended losses in thin trading on Friday, with markets in mainland China, Hong Kong and Taiwan closed for Tomb Sweeping Day. Investor sentiment remained fragile as U.S. President Donald Trump's reciprocal tariffs fueled concerns about inflation and growth.

European stocks are down sharply with several markets falling to multi-month lows, due to a severe bout of selling pressure. Bank, mining, energy, retail and luxury good sector stocks are among the big losers.

The U.K.'s FTSE 100, Germany's DAX and France's CAC 40 are down 4%, 4.3% and 4.7%, respectively. The pan European Stoxx 600 is down 4.4%.

In commodities trading, West Texas Intermediate Crude oil futures are down $5.65 or 8.44% at $61.30 a barrel.

Gold futures are gaining $2.30 at $3,124.00 an ounce, while Silver futures are down $1.000 or 3.1% at $30.970 an ounce.