Overnight price action saw European equities begin their session on a positive footing, but have since pared these gains and are now in the red as investor sentiment waffles. The talk that Merkel and the rest of the German government would analyze terms proposed in a European Redemption Fund initially spurred buying of higher-yielding assets, but headlines that Spain's Catalonia region may require assistance to meet its upcoming liabilities have since quashed risk appetite.

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The Stoxx, FTSE, and Dax, at the time of writing are down 0.55%, 0.52%, and 0.29% respectively, with North American equities also opening lower. USDCAD is stronger, looking to try to test the 1.03 handle again. After taking a leg lower earlier this morning, oil is finding willing buyers south of $95.50/barrel, and gold is trading with a little bit of a bid tone, pushing higher to $1,565.30/ounce.

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