DAX is down about 1.8%, with all European markets suffering heavy losses in the first hour of trading. Bonds also attract buyers, and as a result, their yields decline.
The reaction to currencies is a little more modest. USD / CHF circled around the bottom of the day at 0.9700. USD / JPY is also restricted to trading at 108. We have minimal changes in the Australian dollar and the kiwi.
The euro and the pound started the session with an increase after better PMI data, and the pound is again 1.3100 for now.
US futures are also reporting serious declines.
Graphs: Used with permission of Bloomberg Finance L.P.
Trader Martin Nikolov