Global financial markets are nervous.

We know this because Wall Street's fear index, the VIX, surged 12 per cent overnight to 26 points.

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Wall Street investors have been on a rollercoaster ride overnight, with an early tech rally on Nvidia's results soon replaced by a big sell-off, and the ASX set to follow. Follow the latest on our live markets blog.

It's generally been trading under 20 following its previous spike around so-called Liberation Day in April, when US President Donald Trump rattled global markets with his "reciprocal tariffs".

Markets are nervous because more than $US2 trillion ($3.1 trillion) was wiped off Wall Street last night in a matter of hours.

Where did the money go? Some went to Japan.

Indeed, enough money took flight for some to ask whet

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