The new coronavirus variant is the main them in the markets today, sending global stocks and benchmark treasury yields sharply lower. Yen and Swiss Franc are trading sharply higher, followed by Euro. Commodity currencies tumble sharply on risk aversion but Sterling and Dollar are also pressured. For the week, Swiss Franc is now the strongest one, while Kiwi is the worst performing. We’ll see how the picture changes before weekly close.

In Europe, at the time of writing, FTSE is down -2.96%. DAX is down -3.07%. CAC is down -3.82%. Germany 10-year yield is down -0.0654 at -0.314. Earlier in Asia, Nikkei dropped -2.53%. Hong Kong HSI dropped -2.67%. China Shanghai SSE dropped -0.56%. Singapore Strait Times dropped -1.72%. Japan 10-year JGB yield dropped -0.0082 to 0.077.