The US dollar is firm against the major and most emerging market currencies. Asian equities could not match gains in the US yesterday and the MSCI Asia-Pacific Index fell fractionally. This reflects weakness among emerging market equities, as the Nikkei gained 1.3%. The MSCI Emerging Market Index is off about 0.3%. European shares are firmer with the DAX, the exception, where the losses in technology and consumer services offset the gains in the other sectors. The first decline in SAP software sales was the main impetus. Debt markets are mostly firmer, following the gains in the US yesterday. Of note, however, even ... (full story)