The softer tones reverberate to Europe in early trades

  • German DAX futures -1.5%
  • French CAC 40 futures -1.2%
  • Spanish IBEX futures -1.0%

Just be reminded that London markets are closed today in observance of May Day so we could potentially have slightly thinner liquidity in European trading later. But if anything else, I reckon that would mean traders are more likely to stick with the current risk-off theme before the North American session later.

The negative tones in the equities space mirrors that of US futures, which are down by around 1.6% currently. Meanwhile, China's Shanghai Composite index continues to bleed further, falling by more than 6% now ahead of the close at the top of the hour.