Stocks are being hammered on the continued risk aversion
The DAX is now down by 1.8% with heavy losses seen across the board among major European indices to start the morning. Bonds have also picked up bids again with yields also being dragged lower as a result.
All that said, the reaction in the currencies space remains more modest with USD/CHF keeping at session lows around 0.9700 with little change among risk-related currencies. USD/JPY is still hugging the 108.00 handle with minimal changes seen in the aussie and kiwi.
Of note, the euro and pound are starting to chase gains amid some better PMI data from Europe earlier with cable climbing back above the 1.3100 handle for the time being. GBP/JPY is also offering some support as buyers lean on the 23 December low in the pair.
US futures are also not spared the brunt of the beating:
