Societe Generale in its early Monday economic news summary pointed out:

-- Panic selling in equities carries over from Friday, credit/ European Union periphery spreads widen, foreign exchange havens bid, including Swiss franc, yen, Euro. Euro Stoxx futures -5%. 10-year Bund -12bps at 2.47%, 10-year United States Treasury -9bps at 3.90%. U.S. reciprocal tariffs come into effect on Wednesday.

-- Fed Chair Powell: new taxes on imports will lead to higher inflation and slower growth, not in a hurry on interest rates, downside risks have risen, well positioned to consider policy adjustments. Money market pricing 50% probability of May rate cut.

-- EU estimates 70% of exports will be affected by U.S. tariffs, equivalent of 380 billion euros, or 1.7% of gross domestic product, based on a combined 25% tariff on cars, steel, aluminium and 20% reciprocal tariffs.

-- China imposes 34% tariffs on all U.S. imports from this Thursday, mulls stimulus to support consumption.

-- Week ahead: EU meets on retaliatory tariffs on Monday. FOMC minutes and Reserve Bank of New Zealand rate decision on Wednesday. U.S. consumer price index on Thursday, India forecast to cut 25bps on Wednesday, Romania to stay on hold on Monday. CPI for Norway, China, Brazil, Mexico, Hungary.

-- Nikkei -7.6%, EUR 10-year IRS -2bps at 2.50%, Brent crude -3.0% at $63.6/barrel, Gold -0.3% at $3,028/oz.