• ES down 1.5%
  • German's DAX off 2.8%, with the rest of Europe lower too
  • The tech heavy NASDAQ showing the most resilience, down only 1.2%


Risk is getting hit hard this morning.

Pretty much everything is in the red as commentators scramble to attribute news to the move.

Personally, I don't really see anything - perhaps the bank paper leaks are forcing financials broadly lower, but even then, I think the negative rates talk out of the BoE last week is what pushed HSBC to its lowest share price in 25 years...

And the leak simply acted as another catalyst.

In FX land, our euro trade has found some ground at the 50% fib after pushing through downside levels from ~1.1850 after Scholz' comment.

Trading below 1.180 is great for us, but we really want that 1.1750 level to be broken with gusto.

Expecting more comments throughout the day - as Ryan Paisey said in today's note, the market may be paying more attention to them since there isn't much data dropping.