Global stocks and crude oil tumbled on widening concerns about the Chinese economy, as markets’ turbulent start to the year intensified. The Stoxx Europe 600 was down 3.4% in midmorning trading, while Brent crude oil was down 1.9% at $33.42 a barrel.
S&P futures are holding near their worst levels of the day (had dropped as much as 55pts or 2.77%) amid global rout in stocks, commodities. In pre-mkt trading, Apple -3.2%, FreeportMcMoRan -5%, Netflix – 3.1%, Twitter -3%, Facebok -3%, Bank of America -2.8%, Wells Fargo -2.7%, Amazon -2.7%, Alphabet -2.6%. WTI down 2.7%, paring earlier loss of as much as 5.5% to $32.10/bbl.
Futures:
- S&P Futures 48pts or -2.4% to 1,938
- DJIA futures -389pts or 2.31% to 16,449
- Nasdaq 100 futures -139pts or 3.1% to 4,308
Commodities:
- WTI Crude -2.6% to $33.07/bbl
- Brent Crude -2.1% to $33.50/bbl
- Gold +0.3% to $1,096/oz
- Copper -2.9% to $2.03/lb
Rates/FX:
- 30-yr -2.26bps to 2.9149%
- 10-yr -2.64bps to 2.1438%
- 2-yr -2.40bps to 0.952%
- Dollar Index Spot -0.3% to 98.89
- Euro/Dollar +0.5% to $1.0837
- GBP/Dollar -0.5% to $1.4563
- Dollar/Yen +0.7% to 117.63
Other Assets:
- MSCI Asia Pacific down 2% to 124
- US 10-yr yield down 3bps to 2.14%
- Dollar Index down 0.36% to 98.82
- WTI Crude futures down 2.6% to $33.09
- Brent Futures down 2% to $33.54
- Gold spot up 0.2% to $1,096
- Silver spot down 0.2% to $13.99
Some other highlights: European shares fell the most since August, crude oil tumbled to a 12-year low, and South Africa’s rand sank to a record; haven assets extended gains, with Treasuries rising for a sixth day and the yen reaching a four-month high. Gold is trading near $1100, while Bitcoin is surging and was last seen at $450 as increasingly more Chinese use the digital currency to transfer their rapidly devaluing money offshore into more stable currencies.
