Asian stocks plummet, China's Shanghai composite index down 7.34%

Asian stocks plummeted on Monday as a global sell-off deepened and investors fled to the relatively safe-haven assets such as bonds, the Japanese yen and the Swiss Franc on signs that the Trump's administration is unlikely to soften its sweeping tariff regime.

Profit taking wiped some shine off bullion while oil prices hit a four-year low on demand concerns, with Saudi Arabia slashing its flagship crude price by the most in more than two years.

China's Shanghai Composite index slumped 7.34 percent to 3,096.58 due to panic selling as fears of a global trade war mounted following Beijing's retaliation against Trump's sweeping tariffs.

China slammed U.S. tariffs as 'economic bullying' that is 'inconsistent with international trade rules' and urged the U.S. to resolve trade differences through consultation in an equal, respectful and mutually beneficial manner.

Hong Kong's Hang Seng index plummeted 13.22 percent to 19,828.30, with financials and technology stocks taking a beating.

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