US Futures, Global Stocks Tumble, Japan Crashes Amid Panic Fed Is Now Behind The Curve

• US Futures, Global Stocks Tumble, Japan Crashes Amid Panic Fed Is Now Behind The Curve
  by Tyler Durden, https://www.zerohedge.com/
  It is a global selling carnage this morning, as risk-off extends across worldwide equity markets but nowhere more so than Japan where the point (if not percentage point) drop in the Nikkei has surpassed Black Monday 1987.
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  As of 7:45am, S&P futures are down 1.2% as traders worried that the Federal Reserve has been too slow to cut interest rates, and technology earnings disappointed, pushing Nasdaq futures 1.7% lower as Amazon’s Q3 earnings forecast disappointed and Apple reported a surprise plunge in Chinese revenues. While Europe is a sea of red, it is nothing compared to what took place in Asia, where the Topix index crashed 6.1%, the biggest one-day selloff since 2016, as a result of the continued meltup in the yen after the BOJ’s idiotic rate hike – which took place just as Japan’s economy slumped back into contraction and inflation peaked – and given poor risk sentiment in the US. US rates are continuing their downside momentum with the OIS market now pricing in 88bp of rate cuts in 2024. A rally in Treasuries extended into a seventh straight day, with the two-year yield slumping to its lowest in 14 months. The dollar weakened. In FX, low yielding currencies are leading the rally against USD with CNH and JPY up 0.7% and 0.3%, respectively, while higher beta currencies like MXN and NOK are both down 0.6%. Today we get the jobs report (exp. 175K) and the final Factory/Durable Orders report out of the US.
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