Early Gains Wiped Out

A mixed day for equity market in Asia, major equity bourses opened in the green and had made strides into positive territory before a swift sell off in China dented sentiment in the region and dragged many indices into negative territory. At the time of writing markets in Japan, mainland China and South Korea are negative with tech stocks bearing the brunt of the losses, while Taiwan, Australia and India are still clinging on to some gains. Higher oil prices is helping support some of these markets, crude surged after Saudi Arabia said the world's largest crude terminal of Ras Tanura was attacked, though output is said to be unaffected.

• Futures in Europe and the US were initially higher before reversing direction and giving back gains, the move lower is again led by the Nasdaq which suffered heavy losses last week. There is chatter that the move lower in equity markets was catalysed as US yields continue to move higher.