The Fuse
What are futures doing?
One of the biggest drops in history on Thursday, futures are mixed as they try to turn the ship around, but it is going to take a massive effort. Industrials are already down 1% on volume pre-market, Nasdaq up about the same.
News
Selling spilled over to Europe, the STOXX down 1.6% on heavy turnover, weakness in France, Germany, Italy and Spain across the board. FTSE down 2.3%. In Asia, Japan got drilled, down 4.8% while Hong Kong shed 1.4% and Shanghai down .84%. Gold is down 1%, sliver off a bit while crude is little changed. Yields in Germany fell as investors reached for safety from the equity rout, US 10 yr yields however pushed higher.
Volatility
Enormous rise in volatility as the VIX shot up 70% on Wednesday, biggest one day move in years. The fear index continues to stay elevated and could even blast higher into the 30’s before settling down.
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