Share market highlights: After a knee-jerk reaction this afternoon following the announcement of key portfolios, the Sensex and Nifty ended the session lower. The Sensex closed 118 points down at 39,714.20, while the Nifty closed 23 points lower at 11,922. Yes Bank and ITC have emerged among the biggest losers, tanking up to 4.5%.
U.S. stock futures slid and sovereign bonds surged on Friday as investors feared President Donald Trump’s shock move to slap tariffs on Mexico risked tipping the United States, and maybe the whole world, into recession. The outlook darkened further when a key measure of Chinese manufacturing activity disappointed for May, questioning the effectiveness of Beijing’s stimulus steps. Markets moved aggressively to price in deeper rate cuts by the Federal Reserve this year, while bond yields touched fresh lows and curves inverted in a warning of recession, Reuters reported.