By Sarah Ponczek, Bloomberg

It was a sea of red across global equities on Monday, with European stocks and U.S. futures following a slump in Asia at the start of a crunch week for global trade. Political risks dragged the euro and pound down, and dollar strength roiled emerging assets.

More than 550 members of the Stoxx Europe 600 Index retreated, while futures on the S&P 500, Nasdaq and Dow dropped as benchmarks tumbled in Japan, China and South Korea. The euro came under pressure following deepening tensions in Germany’s coalition government. Miners were the biggest losers in Europe as commodities slid, with West Texas oil falling below $74 a barrel after U.S. President Donald Trump called for higher production.

Mexico’s peso reversed gains following the country’s presidential elections. The yuan fell, resuming its sharpest drop since China’s August 2015 devaluation.

Trade-war jitters, political risk in Europe and divergence in monetary policy across the world remain some of the key themes investors are grappling with following the end of the first half. In China, weaker-than-expected manufacturing data for June added to concern that the country’s growth is softening, while in Japan confidence among large manufacturers slipped during the second quarter.

“It’s not a happy start to the second half,” Ole Hansen, head of commodity strategy at Saxo Bank A/S, said by email from Copenhagen. “Trade war concerns, U.S. sanctions, Trump’s rants and political problems in Europe, as well as worries about slowing emerging-market growth are all playing their part.”