Markets: Asian stocks fell, snapping a six-day rally, and the yen strengthened before US jobs data that may signal whether the Federal Reserve will pare stimulus. Ten-year Australian bond yields climbed, while copper advanced. Today: Europe: German IP, UK IP. US: Non-farm payrolls. Optimism grows for developed economies: Yields on sovereign debt, which move inversely to prices, broke above key levels in Europe and the US, even after Mario Draghi, the European Central Bank president, warned about the fragility of the eurozone's nascent economic recovery. And UK interest rate expectations suggest the Bank of England will disregard its "forward guidance" and hike the 0.5 per cent rate in the final months of 2014 or the beginning of 2015 rather than in the back end of 2016, after strong data has transformed the economic outlook. Summers would face key "no" votes for Fed: At least three Democrats on the Senate Banking Committee are expected to oppose Larry Summers if he's nominated to chair the Federal Reserve. "Democrats hold a two-vote majority on the 22-member panel, so the loss of three Democrats would make it impossible" for Summers to get to the full Senate vote unless some Republicans on the Committee provide backing. Regulators leading the world-wide investigation into interest-rate manipulation are in advanced talks with ICAP to settle a civil probe into the brokerage firm's alleged involvement in the scandal, according to people familiar with the negotiations. Blockbuster Verizon bond sale to test debt appetite: With Verizon likely to seek more than $20bn of financing from US investors in the coming weeks, the company and the banks underwriting the sale will soon discover whether that sharp jump in yields since May means that this debt package can attract buyers, who have not done well since Apple's offering. Watchdog launches Batista investigation: Brazil's market regulator, CVM, has launched a formal investigation into the dealings of Eike Batista and executives at OGX as anger grows among investors over the near-collapse of his flagship oil company. Volatility in the yuan was near a three-year low after PBOC Governor Zhou Xiaochuan said China has ample measures to cope with any halt in quantitative easing policies. Hyundai Motors announced a tentative deal with its union to end a strike that has cost the company hundreds of millions of dollars. Trading in yen soars (from 19 per cent in 2010 to 23 per cent this year) on "Abenomics" drive: A triennial survey from the Bank for International Settlements found trading in foreign exchange markets averaged $5.3tn a day in April 2013, up from $4tn three years ago - with the rising popularity of FX forwards and options accounting for almost a quarter of the growth. Trading in the Chinese currency, also known as the renminbi, has more than tripled over the past three years, to $120 billion a day in 2013, the BIS said, referencing survey data from April. Daily U.S. dollar trading in 2013 has averaged $4.65 trillion. A good start by India's new broom (Financial Times) India's middle class and the rupee (Bloomberg) Regulators take aim at recycled securities (Financial Times) Japan's shrinking shinkin (Reuters) Shale boom won't allow US to disengage from Middle East (Financial Times) Australia's central bank mangles its message (Reuters) Kagame long read (New York Times) Asian markets Nikkei 225 down -123.62 (-0.88%) at 13,941 Topix down -7.85 (-0.68%) at 1,150 Hang Seng up +56.45 (+0.25%) at 22,654 US markets S&P 500 up +2.00 (+0.12%) at 1,655 DJIA up +6.61 (+0.04%) at 14,937 Nasdaq up +9.74 (+0.27%) at 3,659 European markets Eurofirst 300 up +8.72 (+0.72%) at 1,224 FTSE100 up +57.70 (+0.89%) at 6,532 CAC 40 up +26.38 (+0.66%) at 4,007 Dax up +39.06 (+0.48%) at 8,235 Currencies €/$ 1.31 (1.31) $/¥ 99.79 (100.11) £/$ 1.56 (1.56) Commodities ($) Brent Crude (ICE) down -0.04 at 115.22 Light Crude (Nymex) up +1.20 at 108.37 100 Oz Gold (Comex) down -1.10 at 1,372 Copper (Comex) unchanged 0.00 at 3.24 10-year government bond yields (%) US 2.99% UK 3.05% Germany 2.05% CDS (closing levels) Markit iTraxx SovX Western Europe +1.01bps at 90.5bp Markit iTraxx Europe +0.43bps at 105.6bp Markit iTraxx Xover -2.53bps at 414.98bp