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Dog Days
The dog days of August for the Northern Hemisphere are here and the capital markets ae relatively subdued. Equities are firmer. The notable exceptions in Asia was were China, Hong Kong, and Taiwan. The MSCI Asia Pacific Index has advanced for the last three weeks. Europe’s Stoxx 600 slipped almost 0.6% last week and has recouped most of it today. US futures are steady to firmer. The US 10-year yield is struggling to stay above 2.8%, while European benchmarks are off 3-6 bp, with Italian yields firmer after the Moody’s cut the country’s credit outlook to negative before the weekend. The dollar is mostly softer ... (full story)