Awful night of trading on the global markets overnight.Expect...

Awful night of trading on the global markets overnight.

Expect the ASX to crash today.

In Europe, the FTSE fell 84 points (1.01%), the DAX fell 425 points (2.30%) and the CAC fell 1611 points (2.14%).

BoE cut its official interest rate.

In the US, the DOW fell 494 points (1.21%), the NBI fell 34 points (.70%). the NASDAQ Composite fell 405 points (2.30%) and the Russell small cap index fell 68 points (3.03%).

NASDAQ decline was interesting as it went up in early trade due to very good earnings report from META which initially went up 8%.

Markets will be volatile with financial data affecting any movement.

US markets reacted negatively to new manufacturing and employment data which casts doubt on whether the US Fed will be able to cut interest rates in September - as Jerome Powell had indicted.

New US jobless claims came in higher than expected. Highest in 12 months at 249k (market expected 236k). US unemployment rose to 4.1% sparking fears of a rapid deterioration in the labour market.

There has been a rapid decrease in the US bond market - now below 4%. This is normally an indication that funds will flow through to the share market.

However, the markets are jittery due to uncertainty with interest rates, and any economic data will determine if that trend continues.

US Treasury 10 year bond yield is down to 3.98%.

Oil prices dipped after initial panic on events in the Middle East. Brent crude down to US$80 per barrel.

Gold price sits aat US$2,446 per oz.

BITCOIN is down a bit to US$64,729.