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China on Sunday announced anti-dumping duties as high as 74.9% on imports of POM copolymers, a type of engineering plastic, from the United States, the European Union, Japan and Taiwan.

The commerce ministry’s findings conclude a probe launched in May 2024, shortly after the U.S. sharply increased tariffs on Chinese electric vehicles, computer chips and other imports.

POM copolymers can partially replace metals such as copper and zinc and have various applications including in auto parts, electronics and medical equipment, the ministry has said.

A reclusive Chinese billionaire whose prescient gold trades turned into an eye-catching windfall has now become the country’s biggest copper bull, amassing a bet worth nearly $1 billion in a market jolted by escalating competition between the US and China.

Bian Ximing, who made an early fortune in plastic tubes before seeking a quiet life in Gibraltar, has made waves over the last two years with his investment in Chinese gold futures, betting on what he argued would be a global effort to reduce reliance on the dollar and counter inflation worries.

His fund came in just as bullion was beginning a record-breaking ascent — and made roughly $1.5 billion in profit in the process, according to Bloomberg calculations.

Oil steadied after an early drop, as Moody’s Ratings stripped the US government of its top credit rating, adding to concerns about the outlook for global growth.

Brent fell as much as 1.1% to below $65 a barrel before recovering, while West Texas Intermediate traded near $62. The Moody’s downgrade, which trailed rivals, risks reinforcing Wall Street’s growing worries over the US sovereign bond market and a slowing economy.

Meanwhile, President Donald Trump said he plans to hold a call with Russian counterpart Vladimir Putin and Ukraine’s Volodymyr Zelenskiy on Monday to discuss how to end the conflict. An end to the war could potentially increase oil exports from the world’s third-biggest producer.

Warren Buffett will not take the stage at the Berkshire Hathaway 2026 annual meeting, preferring instead to let his successor have the spotlight after he retires, the Omaha World-Herald reported.

Buffett, 94, announced at the end of this year’s meeting two weeks ago that he would be stepping down as CEO of the conglomerate he founded but would remain chairman of the board.

His successor Greg Abel will become the next Berkshire chief executive officer at the end of the year and will take Buffett’s place on stage at Buffett’s request, the paper reported, quoting Buffett’s daughter Susie.

The dollar edged lower and US equity futures slipped in early trading Monday as fiscal concerns mounted over Treasuries and the trajectory of US borrowing.

S&P 500 index futures fell almost 1% in Asian trading after an exchange-traded fund tracking the S&P 500 fell 0.6% post-market on Friday. Contracts for Australian, Hong Kong and mainland Chinese shares also indicated stocks were set to decline at market open. US Treasury futures extended Friday’s decline after the downgrade.

The downgrade comes after a winning week on Wall Street as investors cheered the White House’s deal with China to temporarily slash levies.

The technology-heavy Nasdaq Composite led the way, surging more than 7%. The broad S&P 500 jumped over 5% and posted a five-day winning streak.

The blue-chip Dow rallied more than 3% last week. Friday’s gain of over 300 points pushed the 30-stock average into positive territory for 2025.

US stock futures have seen a slide in early trading on Sunday evening US time, as a credit rating downgrade of the world’s largest economy by Moody’s has hit sentiment.

The Dow futures are down 280 points, while those on the S&P 500 and Nasdaq are down 50 points and 165 points respectively.

Good Morning!

Welcome to CNBC-TV18’s Live Coverage of the Global market action, particularly on Wall Street, after the credit rating downgrade over the weekend.

The futures are currently trading lower after indices turned positive for 2025 in regular trading last week.

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