European stock markets opened lower Monday, deepening a decline in global markets that began last week after President Donald Trump‘s latest tariff announcements.

The pan-European Stoxx 600 index fell 6% shortly after the opening bell, with all sectors suffering significant losses. At 10:20 a.m. it was picking up some of the losses, down 4.07% to 476.14 points.

Britain’s FTSE 100 is down 3.04%, Germany’s DAX index is down more than 9.5% in early trading, France’s CAC 40 is down 2.59%, Italy’s FTSE MIB is down 1.47% and Spain’s IBEX 35 is down 4.29%.

Last week, the regional Stoxx 600 index lost 8.4%, marking its worst week in five years.

Asian Stock Markets Collapse

The sell-off continued overnight in Asia, particularly in Chinese-listed stocks. Asian economies are set to be among those hit hardest by US tariffs, with Vietnam targeted with 46% tariffs, China with new 34% tariffs, Cambodia with 49% tariffs and Sri Lanka with 44%.

Hong Kong markets led the region’s losses, with the Hang Seng Index down 12.53%, while the Hang Seng Tech Index fell 16.29% in the last hour. Mainland China’s CSI 300 plunged 7.05% to 3,589.44 points, marking its biggest daily drop since last October.

In Japan, the benchmark Nikkei 225 index fell 7.83% to an 18-month low of 31,136.58, while the broader Topix index fell 7.79% to 2,288.66. Earlier in the day, trading in Japanese futures was suspended as the market hit circuit breakers.

In South Korea, the Kospi index plunged 5.57% to 2,328.20, while the small-cap Kosdaq index fell 5.25% to 651.30.

In Australia, the S&P/ASX 200 index fell 4.23% to close at 7,343.30. The benchmark index slipped into correction territory, falling 11% from its last February high in the previous session.

India’s benchmark Nifty 50 index fell 4.34%, while the broader BSE Sensex index lost 4.44%.