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Fragile Monday
The major currencies are consolidating, but many of the emerging market currencies, including the South African rang, Turkish lira, Indian rupee, Russian rouble, Polish zloty and Hungarian forint remain under pressure. Asian equities followed the US pre-weekend slide, and European bourses are also playing a little catch-up. The early call is for a steadier to higher opening on Wall Street. The US Treasury market is also showing a nervous calm, with 10-year yields up almost 3 basis points in Europe, yielding near 2.75%. European yields are slightly higher. We note that the local currency bonds in most emerging markets ... (full story)