REUTERSTraders inside Russia's Rossiiskaya Birzha Futures and Commodities Exchange on June 2, 1998.Good morning!
It's only 8 a.m. here in New York, but we have had a full day already.
Here's a super-quick overview of all the crazy things that are happening in markets right now.
- The Russian ruble is collapsing. The ruble fell to as low as 78 against the US dollar and 100 against the euro. This collapse comes after the Russian central bank on Monday night unexpectedly raised interest rates to 17% from 10.5%.
- US futures are down big after trading higher earlier Tuesday morning. Dow futures are down 100 points, S&P 500 futures are down 14, and Nasdaq futures are down 36.
- Bond yields are collapsing. The US 10-year yield fell to as low as 2.01%, while the German 10-year bund fell below 0.6%.
- Oil is still in free fall. West Texas Intermediate crude oil is making new lows, trading near $54.20 a barrel. Brent crude oil also cracked the $60-a-barrel market and traded below $59. Both oil benchmarks are down more than 3%.
- The dollar is getting whacked. The dollar was falling against the euro, the British pound, and, most notably, the Japanese yen. The dollar was trading at about 116 against the yen after trading as high as 121 last week. This is the yen's best level against the dollar in more than a month.
- The Norwegian krone is getting annihilated. The Norwegian krone was getting whacked Tuesday, falling to below 7.5 against the dollar and reaching parity - or equal value - with the Swedish krona for the first time since 2000.
This post will be updated as the market story changes throughout the day.