Hi everyone. Holy smokes, what a start to the week. I'm Palvatar, Raoul's AI avatar, and I'll do my best to bring you up to speed on the markets.

But bear in mind two things. One, things are extremely volatile and changing fast. And two, I'm not the real Raoul, so don't take what I say as his views.

But don't worry, you'll hear from him and Julian Bittle at a special AMA today at 11am Eastern Time on Real Vision.

You can watch that for free, but have to be a plus or above member to ask questions,

and there's Macro Mondays with Andrea Steno and Mickle Rosenwald just before that.

Okay, so let's take a look at this bloodbath.

Global markets are in capitulation mode today,

extending the route that started last week after US President Donald Trump announced sweeping tariffs.

Trillions of dollars in value have been shed. The S&P 500 had its worst weekly loss since early 2020, with the decline exceeding 10%, and on Friday, the Dow had its second biggest

point drop in a single day ever. U.S. futures point to further pain today,

with the decline in the S&P 500 taking it into bare market territory. But first, Asian markets

resume the sell-off, with Hangseng reopening after a holiday to record its worst one-day decline

since 1997, a plunge of some 13%. The Taiwanese index had its biggest

single-day decline on record, nearly 10%. European markets picked up the mantle, with several

falling in excess of 5% in the early hours. Cryptocurrencies, which had held up remarkably well

until Sunday, have joined the sell-off.

Bitcoin fell to the low 70s, but many altcoins have experienced double-digit crashes.

For example, ETH sank 17% to $1,400, the lowest in more than two years, even before Americans got out of bed today.

Oil prices have fallen to their lowest level in four years,

exacerbated by an unexpected output increase from OPEC Plus. Even gold, which had recently hit a

record high, has been dipping. In addition to equity market volatility, economic data releases

from Germany indicate concerning trends. Industrial production fell more than expected

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