An ugly day in Europe so far this morning
- Germany DAX -4.1%
- UK FTSE -2.4%
- S&P 500 futures -1.8%
- Nasdaq futures -1.2%
- US 10-year Treasury yields down 6 bps to 0.883%
- WTI down 6% to $46.18
- Gold down 0.5% to $1,871.00
The DAX is now on approach to its 13 November low near 13,000 as the index falls by a whopping 4% on the session now, as the risk aversion deepens.
US futures are also feeling the heat now as we see a continued retreat across the board and that is underpinning the dollar further as the greenback now trades 2.4% higher against the pound and 2% up against the aussie on the session.
Elsewhere, we are seeing gold turn around as dollar bids are overwhelming the haven demand into the yellow metal. Gold has backed off a test of $1,900 and its 100-day moving average near $1,904 in a fall to $1,870 levels currently.
Silver has also seen a big retreat with gains of over 5% above $27 earlier now falling to just under $26 in European morning trade.
The mutated coronavirus spreading across the UK is one of the reasons weighing on sentiment today, with these countries having banned travel from the UK for now: