The S&P 500 is headed for its worst December in 16 years due to President Donald Trump’s ongoing trade war with China, Business Insider reported on Monday.
Asian markets kicked off what looks to be a bearish day for global stocks on Monday on growing concerns over global economic growth and the US-China trade war. European stocks and US futures also fell.
Tensions over trade between the US and China heightened even further as China summoned the Canadian and US ambassadors over the weekend regarding the arrest of Huawei's chief financial officer, Meng Wanzhou, in Canada last week. China has described the arrestas "lawless" and "extremely vicious."
"Global stocks are set up for a rough ride this week after something of a drubbing last week," said Neil Wilson, the chief market analyst for Markets.com. Markets tend to rise in a "Santa rally" in December; the S&P 500 has declined in December only four times since 2002.