Eurostoxx futures down by 9.9%
The bleeding in the market continues as we get things going here in the European morning. USD/CHF is back near 0.9200 while USD/JPY is threatening a break of the 102.00 level once again to start the session.
It doesn't look like things are getting better for risk assets here and the key question will be what will happen in Wall Street later today?
S&P 500 futures already triggered its circuit breaker on a 5% drop earlier but the cash equity market could be in for something really horrific if this keeps up.
A 7% drop would trigger the level one circuit breaker, halting trading for 15 minutes. A 13% drop would trigger the level two circuit breaker, stopping trading for a similar time. The final threshold would be a 20% drop, which will stop trading for the rest of the day.
