RISK OFF: Global Markets Tumbling Again
To cap a rough week, markets have fallen into "risk-off" mode once again this morning.
S&P 500 futures are down 0.8%, and have already completely erased yesterday's big rally. Asian stock indices mostly closed lower and European indices are getting hammered across the board.
Emerging-market currencies like the Turkish lira and the South African rand are tumbling against the dollar, and the dollar is sliding against the euro and the yen.
Meanwhile, gold and Treasury futures are turning in a strong performance this morning.
The charts below show moves in various markets. Across the top from left to right are S&P 500 futures, the dollar-yen exchange rate, and the euro-dollar exchange rate. Across the bottom are gold futures, 10-year U.S. Treasury futures, and the dollar-lira exchange rate.
