Global stocks slide further after China retaliates with 34% tariff on US goods- Dow Jones futures collapse

As if the global stock markets did not want any further bad news, since the last update here that is exactly what they got, after China announced a 34% tariff on all US goods around an hour ago. The whole equity vista took an even deeper shade of red following this news. The Dow Jones futures have plummeted below 40k and now below 39,400. The DAX has surpassed the 10% correction target like it was not even there (21,128) and now slumped close to 20,500 since. The dollar has fallen back once more and most notably versus the Yen. Look, there simply is not much good news out there right now and against that backdrop we will soon see the monthly US jobs report. The Fed is under increasing pressure now and we should not rule out an emergency rate cut, even if that might smack of a panic measure. The Dow Jones is right now at 39,355