S&P equity futures are trading below the level reported in our last update, but remain above Monday’s close. Asian equities were higher overnight with China and Hong Kong the big gainers, up 2+.4% and +1.75%, respectively. European equities are also higher. Treasuries mostly firmer with some curve flattening. 10-year yields below 1.60%. Gold off (0.1%). Bitcoin futures down (4.2%) following a big Monday bounce. WTI crude down (0.7%) after gaining nearly +4% on Monday.

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