From Marc to Market:
Overview: Tumbling equities and softer yields mark a risk-off session. The US dollar, though, is mostly higher. Among the G10 currencies, it took another round of verbal intervention and softer Treasury yields to help the yen resist the dollar's tug. About half of currencies are off 0.5% or more and most have extended their recent losses. Most emerging market currencies are lower, and the Mexican peso, which sometimes acts as a proxy for restricted currencies, especially in Latin America is off almost 0.75%, to lead the complex lower.
All the large markets in the Asia Pacific region were sold today. The Nikkei lost 1.75%, while South Korea's Kospi's nearly 2.4% drop led the region. Europe's Stoxx 600 has been crushed 1.5%, its largest loss since August 1. US S&P and Nasdaq futures are off more than 1% and look poised for a gap lower opening. Benchmark 10-year yields are slightly lower in Europe with the UK Gilt yield off nearly two basis points, the most in the region. The 10-year US Treasury yield is off a little more than two basis points to slip below 4.09%. Gold is trading quietly inside yesterday's range and off a little less than $10 in late European morning turnover. December WTI was turned back from $61.50 yesterday and is probing the $60 area now....
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