Global equities selloff sees the return of volatility
The VIX is up to 23 points, highest level since April this year
The spike is very much akin to that we have seen in late January to early February. Make no doubt about it, these are sensitive times in markets. And today could yet get worse for risk sentiment as a whole.
Although rising Treasury yields is what sparked concerns here, the next big thing is yet to hit. The latest US inflation data is set to be released at 1230 GMT and the worrying thing for stocks is a potential spike in inflation or wages. Should that materialise, this will send the selloff into overdrive.
With the S&P 500 on a cliff's edge, it's no wonder why it has some people hiding under their desks. Or in some cases, behind their chairs.