Everywhere you look the risks are stacking up hard and fast, but for now, let's stick to the immediate horizon.
If bitcoin can be seen as a proxy for Wall Street, then Monday's 5% drop in the crypto currency back below $90,000 does not bode well.
The currency is set for its biggest one-day fall in almost a month, fitting in with the risk off mode taking hold across world markets, with Asian and European shares lower and U.S. equity futures pointing decidedly down.
There doesn't appear to be a single catalyst for the risk-off mood, although for some the answer lies in the heaviest selling in Japanese government bonds in four months on the prospect of a Bank of Japan rate hike as early as this month.
The BOJ will consider the "pros and cons" of raising rates at its next policy meeting, Governor Kazuo Ueda said on Monday, giving the strongest signal yet of a December hike.
That's given a boost to the battered yen, while rate sensitive two-year bond yields rose to their highest since 2008 and the blue-chip Nikkei tumbled almost 2%.
Central bank direction also remains in focus on Wall Street as the December 10 Fed meeting looms, against a backdrop of flip-flopping from traders over whether rates will be cut.
Adding to the uncertainty is an expectation that U.S. President Donald Trump could soon announce the next Fed chair, meaning markets could be caught between hanging on the words of current Fed chief Jerome Powell as well as his successor.
Just before the Thanksgiving break, Treasury Secretary Scott Bessent indicated that Trump would likely announce the nominee before Christmas with White House aide Kevin Hassett seen as the front runner.
Late on Sunday, Trump said he knows who he will pick as next Fed chair.
Signs meanwhile that in progress in U.S. trade negotiations failed to translate into a significant recovery in orders among Asia's manufacturing powerhouses may also help explain caution across world stock markets.
A raft of purchasing managers' indexes (PMIs) on Monday showed declines in activity in China, Japan, South Korea and Taiwan.
In China, the world's largest manufacturer, factory activity slipped back into contraction, a private-sector PMI showed, a day after Beijing's official measure showed activity falling for the eighth consecutive month albeit at a slower pace.
Euro zone manufacturing activity also slipped back into contraction territory in November, Monday data showed.
U.S. and Ukrainian officials meanwhile held what both sides called productive talks on Sunday about a Russia peace deal, with Secretary of State Marco Rubio expressing optimism about progress despite challenges to ending the more than three-year-long war.
