US Mid-Morning Recap by TradeTheNews Staff - Asian markets were all lower led by the Shanghai Composite, which plunged nearly 9%. Chinese equity weakness was precipitated by talk that additional macro-tightening policies could be introduced at an annual meeting coming up in early March. European Indices followed suit many off 2% on the day. Much of the money coming out of equities overnight has been flowing to the relative safety of government bonds, and that trend was only amplified by much weaker than expected US January Durable Goods reading before the NYC open. The 10-year yield has fallen below 4.6% while the Sept Fed Fund Futures contract puts the odds of an August meeting rate cut at nearly 70%. The equity weakness is extremely broad-based with breathe on the NYSE at 22:1 negative. US Indices and equity futures are at or near session lows with financials and deep cyclical names really selling off. The Oil Patch is lower as well with the Oil Service Index down 1.3% despite crude making new session highs approaching $62. - The Dollar has been under continual pressure with a brief respite coming after stronger then expected January existing home sales data. The greenback has since given back all of that traction. USD/JPY is just off session lows at 118.70. EUR/USD is near this morningâs high as well at 1.3232. April Gold futures are rallying off of earlier lows after holding support that was said to be around the $677 level. Copper is moved up from its worst levels but is still down 1.5% at $2.81.