U.S. equity futures tumbled, following global shares lower, as Italy's political turmoil deepened. U.S. 10-year Treasuries and the dollar advanced as the euro touched its lowest level since July. Oil extended losses after Saudi Arabia and Russia said they are mulling a boost to production later this year.


"There was a lot of complacency in the market recently, so this is a brutal wake-up call for investors who had forgotten about political risks in Europe and especially in Italy... The risk is that the populist parties gain ground in the next Italian election, which would be really bad news for the euro zone. Clearly, investors are moving to the sidelines for now."

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