 Global stock markets are in crash mode today, beginning with the massive historic -12.4% decline in Nikkei. Major European indexes are also trading deeply in the red, with losses around -3%, though these are overshadowed by the severe drop in Japan. Concurrently, DOW futures are down over -1100 points, with S&P 500 futures down -4.4% and NASDAQ futures down -5.7%. US 10-year yield has continued its steep fall, diving below the 3.7% handle. Given the current panic mode in the markets, even a strong upside surprise in US ISM services data is unlikely to provide support. In the currency markets, Yen and Swiss Franc are the clear runaway leaders, with Euro trailing in a distant third. Australian Dollar is the worst performer, looking ahead to RBA rate decision in the upcoming Asian session. Sterling is the second worst, followed by Kiwi. Dollar and Canadian Dollar are positioned in the middle.... |
