Overview: The capital markets remain subdued. Many Asian equity markets eased after a strong two-day advance. European equities are slightly firmer. The S&P 500 closed at new five-month highs yesterday. Benchmark 10-year yields are mostly a little softer. Australian 10-year bond yield fell five basis points, and the discount to the US widened to a new high since the early 1980s. The minutes from the Reserve Bank of Australia underscore the importance of this week's employment data. The dollar has a heavier bias today but is confined to well-worn ranges. In emerging markets, the high-flying