Political turmoil swirling around US President Donald Trump is spreading a wave of risk-aversion across financial markets, knocking global stocks sharply lower and driving safe-haven government bonds higher. Volatility is up sharply. The word "impeachment" is in the air, but a two-thirds majority in the Senate would be needed to remove the president.

• Significant risk-off mode sweeps across markets due to turmoil surrounding Trump
• Global equities sharply lower in high turnover; volatility spikes
• USD under pressure; JPY soars
• Government bonds rally in response across the board
• 'Too early to be circulating the impeachment word': Hardy
• Market re-pricing chance of June Fed hike, now down to 64.6%: Moltke-Leth
• US tension eases slightly as DOJ appoints special council to run FBI probe: Hansen
• Gold pares gains as DOJ’s appointment could ease sense of Washington paralysis
• Oil looks vulnerable as it fails to capitalise on bullish EIA report and weaker dollar
• Oil market pricing in 9-month output cut extension; unsure if Opec can implement
• Several ECB speakers slated for today