A warning from China's top banking regulator about the frothiness of foreign markets appeared to blunt the knock-on effect of yesterday's largest rise in the S&P 500 since last June (~2.4%) and weighed on global equities. The large markets in the Asia Pacific region but India and South Korea fell. Europe's Dow Jones Stoxx 600 steady, recovering from initial losses. US index futures are off around 0.5%. Benchmark yields are firmer, with the US 10-year yield around 1.45%. The Reserve Bank of Australia took no fresh initiatives, and the 3-year yield targetted at 10 bp is closer to 15 bp. Its 10-year yield rose five ... (full story)