Volatility - with Utilities the only US market sector up on Tuesday as the blue-chip S&P 500 recorded its second worst day of the year it looked - and felt - like a shabby day. But look at futures now (+0.75%...the Apple effect).
Welcome to the world of volatility (if we did not know it already)
FX volatility – just look at the euro over the last few days for this...
...but in Asia the Singaporean dollar fell to the lowest in over four years after its central bank announced in an unscheduled meeting that it would slow the currency’s rise against a basket of currencies.
Meanwhile the Chinese yuan mid-point fix was at 6.11282.... diversion at 1.9%, which is a record (PBOC limit is set at 2%) even whilst the currency was rising up the SWIFT tables:
Europe - The 11 eurozone countries backing a European financial transaction tax attempted to revive the flagging initiative on Tuesday as they reiterated their goal to introduce a common levy by 2016. I had hoped we would hear a bit more about Greece…or even QE:
Link of the day undoubtedly this one: '3-Month Change in EPS Growth Estimates Falling at Fastest Rate Since 2008': brilliant analysis for both the US and Europe. Totally consistent with much of what I have been talking about recently...
Federal Reserve: Looking ahead - The US central bank will likely conclude its monthly policy meeting by saying it’s not raising rates just yet and will continue advising “patience” to see how the trends in the global economy play out in the US. But will they complain re the US$?!
And finally (via Fast FT) got to end with an Apple chart: