While investors keep a watchful eye on the dollar fix in China (a little firmer than projected) and tensions with the US, two other developments compete for attention. The Reserve Bank of New Zealand and the central banks of India and Thailand surprised the market with lower rates. The RBNZ cut by 50 bp, India by 35 bp, and the fact that Thailand cut at all was unexpected. The other development was another horrific German industrial production report. Benchmark 10-year bonds yields are falling to new lows. Equities are mostly stabilizing, helped by the gains in the US yesterday, though Chinese, Taiwanese, and South ... (full story)