Stock markets in freefall as Europe gets underway
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STOCK MARKETS IN FREEFALL AS EUROPE GETS UNDERWAY
European equity futures are in freefall on Monday after stocks were crushed in Asia on fears of a global recession after weak U.S. data and as crowded carry trades unravelled as the yen continued to surge.
Euro STOXX 50 futures STXEc1 are shedding 2.3%, with all major bourses looking set to open deep in the red. Futures on Germany's DAX FDXc1, France's CAC FCEc1 and Britain's FTSE FFIc1 are down 1.3%-2.3%.
In Asia, Japan's Nikkei 225 .N225 tumbled over 12%, a scale of losses not seen since 2011. MSCI's broadest index of Asia-Pacific stocks excluding Japan .MIAPJ0000PUS was shedding 4.6%.
Analysts pinpointed Friday's U.S. labour market report - with payrolls coming in below expectations and a rise in the unemployment rate - for the escalating sell-off, with some thinking the U.S. could be heading for a recession.
The tech sector, after leading markets higher, looks to be leading the way lower too.
Apple AAPL.O, AAPL.F shares listed in Frankfurt are down over 11% after Warren Buffett's Berkshire Hathaway halved its stake in the company.
Meanwhile in Europe, German chipmaker Infineon IFXGn.DE narrowed its full-year revenue outlook after missing expectations for third-quarter revenue.
Wall Street futures are also tumbling, with S&P futures EScv1 down 2.7% and Nasdaq futures sliding over 5%.
Strap in!
(Samuel Indyk)
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MONDAY'S OTHER LIVE MARKETS POSTS:
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