Things turned on their head today with risk-appetite returning to broader global markets despite another plunge in Chinese markets, which today saw the Shanghai Composite finish another 7.6% in the red. Japanese stocks were also lower, rattled by yesterday's surge in the yen, but Australian, Taiwan, and South Korean markets led a broader equity market rebound. European stocks rallied and S&P futures were pointing to a +3% open on Wall Street. Commodity markets and Asian currencies, ex-yen, firmed up, too. This backdrop put the safe haven yen and euro in retreat.
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