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Mubasher: US stocks extended their losses Monday as the Dow lost more than 600 points as the Sino-US trade war intensified.
Technology stocks led to losses on Wall Street, with Apple falling more than 4%.
Trade tensions have increased with press reports that China had asked its partners to stop importing US agricultural products in response to Washington's intention to impose duties. customs of 300 billion dollars on Chinese products from next month.
The yuan has also fallen to its lowest level in a decade compared to the US dollar. US President Donald Trump said Beijing's handling of the local currency was a physical violation.
The People's Bank of China (PBOC) allowed the average currency trade to fall to 6.9225 yuan per dollar at its lowest level since December 2018.
China's equities triggered high volatility in global markets: equity markets plunged and bond yields dropped, while gold prices rose.
US stocks fell at the end of last Friday's session, resulting in heavy weekly losses.
At 14:55 GMT, the Dow Jones Industrial Average Index was down 2.3% at 2,580 points, thereby losing 604 points.
Standard & Poor's lost 2.4% to 2,862 points and the Nasdaq lost 3% to 7,764 points.
During the same period, the main dollar index, which measures the performance of the currency against the six major currencies, fell by about 0.5% to 97.533.
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