European indices are posting declines of around 1% or a little bit more on the session now as equities are facing stiff pressure amid the rise in bond yields to start the week.
Tech stocks are the worst hit with Europe's tech index down 4% and set for its biggest daily decline since October last year. Elsewhere, Nasdaq futures are down 1.5%.
Despite a rotation out of tech, value stocks aren't faring too well either although declines are more limited in that space. Dow futures are only down 0.4% while S&P 500 futures are seen down 0.8% as we start to move to midday in Europe.
The overall mood is underpinning the dollar with EUR/USD still hovering around 1.1675-80 near key support at 1.1664-66. Meanwhile, GBP/USD is down 0.4% to 1.3635 and USD/CAD is up 0.2% to 1.2650 even as oil and energy prices are buoyed.
The antipodeans are among the laggards with AUD/USD down 0.5% to 0.7250 while NZD/USD is dragged to fresh lows in a month to 0.6960 at the moment:
There is some support for the pair from the 61.8 retracement level of the recent upswing at 0.6945 but beyond that, there is scope for the downside move to extend towards 0.6900 first before approaching the August lows near 0.6800.