The early gains have vanished in the equities space and there’s a general uneasiness on how things are going to play out when Wall Street comes into play later today. The mood right now feels like this:

A look at European indices is showing that the Eurostoxx is down 1.0%, the DAX down 0.8%, CAC 40 down 1.3%, UK FTSE down 0.6%, IBEX down 0.6%, and FTSE MIB down 1.3% on the day.

Meanwhile, S&P 500 futures have steadily dropped during the session as it erases its earlier 55 points gains to just 6 points now:

The only bright spot I can pinpoint is that the long-end of Treasuries are not selling off today, as the market sees a bit of a relief. 10-year yields are down 7 bps to 3.29%. That comes despite European bond yields continuing to track higher, with 10-year BTP yields up another 4 bps to 4.14% on the day.

This article was written by Justin Low at www.forexlive.com.