Bonds and the US dollar were the big movers last night with selling in European rates markets knocking US 10-year Treasuries to their highest levels since May. The US dollar also leapt to a 7-month high in index terms and is trading above 105 against the yen and below 76 against the Australian dollar. And while stocks are only mildly lower in the US futures traders on the local market are declaring that is enough is enough of the recent selling and have taken futures 28 points higher. That was 40 points a couple of hours ago but the fact the local market has underperformed all other big markets in the past two days ... (full story)