US markets attempted to consolidate overnight, but ongoing tensions between the US and China did little to calm investor nerves. Bond markets surged higher, defying expectations of a potential rate cut in May. Apple shares were caught in the geopolitical crossfire, while communication stocks found pockets of support. In Europe, markets slumped on Monday, dragged down by weakness in energy and financial stocks. Meanwhile, commodity prices continued their retreat, with both gold and oil slipping lower. And despite the global uncertainty, futures are pointing to a gain for the ASX 200 when local trade begins.

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