Overview: Global equities are struggling after the S&P 500 staged a dramatic reversal yesterday. The early 3.5% gain was completely unwound and closed slightly lower. With few exceptions (e.g., Japan and the Philippines), most equity markets in the Asia Pacific region and Europe are lower. Benchmark 10-year bond yields are consolidating yesterday's rise, but peripheral yields are a bit higher after the Eurogroup of EMU finance ministers were unable to reach an agreement. The US 10-year yield is flat around 72 bp. The dollar is firm as the risk appetites have waned. The greenback is