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Overview: The S&P 500 turning higher on the year was the last straw before an arguably overdue bout of profit-taking kicked-in and is the dominant feature today in the capital markets. It began slowly in the Asia Pacific region. Equities were mixed, and Australia's 2.4% rally and the 1.6% gain in Hong Kong stood out. Europe's Dow Jones Stoxx 600 was off for a second day (~1.3%), and US stocks are trading heavily, warning that the S&P 500 may give back most of yesterday's gains. Bonds have found a bid, and the US 10-year yield