European indices are seeing losses deepen in the opening hour with the Eurostoxx down 1.2%, DAX down 1.1%, CAC 40 down 1.2%, and UK FTSE down 0.5% at the moment. Inflation fears and recession risks are still two major factors weighing on the risk outlook but recent headlines haven't been great for the region, with Russia set to cut off gas supplies to Europe again at the end of the month.
US futures are also slumping heavily, with S&P 500 futures now down 0.9%, or 37 points, on the day. As outlined here, we're seeing a firm rejection of the 200-day moving average for the S&P 500 and that continues to be a key technical play since last week.
Fed chair Powell's speech at Jackson Hole later this week is also a key focus and that will invite some added volatility and positioning plays going into the key risk event, so just be wary of that.