European stocks extend losses as negative sentiment remains

European stocks at the lows for the day in the last hour

Italy's MIB and UK FTSE lead losses but it's pretty much red across the board regardless. Risk-off sentiment is still prevalent in the market, but it's not really seen in the session when it comes to currencies. The only notable change has been dollar strength which has backed off once again after the dollar index tested near-term resistance levels.

As mentioned earlier, I'm still quite surprised that the yen isn't moving much higher in any of this. But one possible reason for that is the fact that S&P 500 futures has held relatively steady so far being down by "only" 0.8% still and has been around these levels since the start of European trading: