Spanish (and now Italian - for the first time) bond yields are below 3% as Japanese investors pile into any and everything non-Japanese, dragging US Treasury yields lower - and thus US equities lower. JPY strength, however, has dragged USDJPY down towards 101.50 which means US equity futures have lost all of yesterday's gains. Of course, this weakness is merely proming the pump for another run at 102, igniting momentum for moar all-time-high dip buying and an 8th green Tuesday close in a row... (or not this time?) Gold is flat but silver and oil are moving higher.
JPY strength not helping stocks...
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And yields are falling after yesterday's dead cat bounce...
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Charts: Bloomberg