Warning Shot From Germany Is Spooking This Market: Taking Stock
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Stock futures have been tumbling all morning (more than 20-handle reversal from the e-minis peak) as Italy’s political mess resurfaces, China reiterates its hard stance on tariff threats, India enters the trade conversation with levies on U.S. goods, and -- perhaps most importantly -- Daimler sends a warning shot (shares down ~4% in Frankfurt), becoming the first prominent company to blame escalation trade tensions between the U.S. and China for a profit forecast cut.
Note that there was a slight bounce in the tape at ~6:54am on this headline from Chinese media source MNI: "China Engages U.S. Seeking to Avert Tariffs"