US equities are soft but they’ve not seen a renewed downdraft with about 10 minutes to go until the close of cash trading. The S&P is down 13 points at 1134.

Earnings season is just kicking off with Intel set to report after the close.

EUR/USD trades quietly in the high 1.4480s, retracing much of the rally that unfolded between 15:00 and 16:00 GMT. From a macro sense, the Chinese tightening steps have injected a note of caution into the markets as the engineers of the new global locomotive try and slow down the train.