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European equities extend fall in opening hour of trade

DAX slumps by over 2% currently

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Other major indices in the region are also seeing losses close to 2% currently, as the risk mood continues to sour in the opening hour of trade. Elsewhere, Nasdaq futures are also seen down by a little over 1% and S&P 500 futures are down ~0.6%.

The setback in US stimulus talks is still a factor that most market participants are alluding to after the recent resurgence in US equities appears to be falling short of testing the early September high.

Meanwhile, the worsening virus situation in Europe – where even Germany is now reporting a record rise in daily cases – is weighing on sentiment in general.

DAX

The DAX has now moved to test its 100-day MA (red line) once again, a level that has helped to prevent a more meaningful drop in the index over the past three weeks.

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