Markets are trying to digest President Trump’s memorandum of withdrawal from the TPP trade agreement, which—though clearly and frequently signaled during the election campaign—still shifts the US squarely into protectionist territory on the new Commander-in-Chief's first working day. And the UK's Supreme Court ruled earlier this morning that Article 50 cannot be triggered until after a Parliamentary vote.In the aftermath, the dollar has edged higher while sterling has moved lower. Global markets are mixed, and US indices are still in a holding pattern. Oil is up, but gold and silver have pulled back slightly from yesterday’s highs.Overnight in Asia, the Nikkei dropped 0.55% to 18,787.99, while the Shanghai Composite and Hang Seng both gained approximately 0.21%, to 3,142.55 and 22,949.86, respectively.In Europe this morning, the FTSE has edged 0.05% higher, to 7,153.95; the DAX has gained 0.12%, to 11,560; and the Stoxx 50 is up 0.09%, to 3,274.50.On Wall Street, indices finished yesterday lower, but remain tightly range-bound. The Dow fell 0.14% to 19,799.85; the S&P 500 lost 0.27% 2,265.20; and the NASDAQ inched down 0.04% to 5,552.94.US equities are little changed in pre-market trading. The Dow is up 0.03%; the NASDAQ is 0.04% higher; and the S&P is down 0.01%.Of interest in light of rangebound major equity markets, yesterday, the iShares MSCI Emerging Markets ETF (NYSE:EEM) rose 1.48%.US Treasury yields are higher this morning and technicals point to possible additional upward moves. The 2-year yield is 1.164%; the 10-year yield is 2.417%; and the 30-year yield is 3.005%.ForexThe US Dollar Index fell 0.6% in yesterday's trading, but this morning it's up 0.05% to 100.22; right now the greenback is trading higher against all the currency majors.
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