US futures also trim gains from earlier in the day
The Stoxx 600 has erased gains and we're even seeing the likes of the DAX fall by 0.1% on teh day now as Austria's lockdown and German health minister Spahn refusing to rule out a return to lockdown in Germany weigh on sentiment in markets.
S&P 500 futures have also slipped from being up 0.4% to 0.2% as Dow futures turn flat on the day, so that is upsetting the risk balance a fair bit as well.
Elsewhere, Treasury yields are weighed lower on the news too with 10-year yields down by nearly 3 bps to 1.56% while 2-year yields are down over 2 bps to 0.48%.
In Europe, 30-year German bund yields have declined to turn negative for the first time since August as bond yields everywhere are reaffirming the more sour mood.
I don't want to be the one to say it but despite all the worries and "panic", US traders may have a different take on things when they get in later. It wouldn't be the first time.