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Asian equity benchmarks encountered one of the toughest sessions last night since June, with investors suffering a failure of confidence in response to losses and elevated volatility from emerging markets-linked instruments. The CBOE emerging markets ETF VIX jumped 40 per cent as dealers scrambled for protection from derivatives. 

And the fear hasn’t been isolated. European and US benchmarks have suffered their worst daily return last week for over 3 months, too – volatility no less expensive. We’re calling the FTSE 100 down some 40 points from Friday’s close. 

Elsewhere, the market will turn its attention towards German business climate data out later this morning looking for direction into the afternoon. Then, at 15.00 GMT, the US will release new home sales, which are forecast to fall marginally from the previous number.

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