Asia Stocks, Oil Prices Plunge; Markets Hunger for Rapid US Rate Cuts

GLOBAL MARKET - SYDNEY. Asian stock markets plunged on Monday as fears of a global trade war saw Wall Street futures dive, and investors wagered the mounting risk of recession could see U.S. interest rates cut as early as May.

Futures markets moved swiftly to price in almost five quarter-point cuts in U.S. rates this year, pulling Treasury yields down sharply and hampering the dollar.