The capital markets remain relatively subdued as fresh trading incentives are awaited, including US corporate earnings. Some of the enthusiasm for risk-assets has diminished. The MSCI Emerging Markets Index has stalled after trading at six-week highs yesterday, though most bourses in Asia were higher, but the Nikkei (Topix gained), China, and Singapore. The Dow Jones Stoxx 600 is a bit heavier but continued to bump against 350, the best since mid-December. US shares are trading lower, and the S&P 500 is poised to test previous resistance now support near 2600. Benchmark bond yields are little changed. The dollar is ... (full story)