Risk come back stalls, as crypto slides
The narrative has abruptly shifted on Monday. After a powerful rally that helped US and European stocks reverse earlier losses and close November with small gains, equity futures are now in the red across the US and Europe, after sentiment took a knock following a sharp decline across crypto markets.
Bitcoin is lower by more than 5% on Monday and is back below $90,000. There was no news or obvious driver for the slide, which gathered pace during the Asian session. Eurostoxx futures are now pointing to a 0.3% decline later this morning, and US futures are currently nursing larger losses.
There is no obvious driver, however, the sharp decline in volatility last week, the Vix fell back below the average for the last 12 months, may have…
