Europe

NATO secretary general Jens Stoltenberg  on Tuesday that the alliance is ready to intervene in the situation in Libya if the country’s Government of National Accord (GNA) files a corresponding request. However some countries are holding back on NATO, EU ambitions in Libya According to reuters: Europe’s bold intentions to support Libya’s new U.N.-backed government are faltering as France and Germany resist a bigger role to rebuild the failed state, scarred by the West’s 2011 air campaign to help topple dictator Muammar Gaddafi.

For today's dose of pre-market entertainment, we go once again to Dennis Gartman, who clearly perturbed by the violent turnaround in global stocks yesterday appeared on CNBC where the "closely followed market-watcher" said the early week's market gains could continue for the next couple of weeks.

"Historically when that happens, we carry through. So I think you're likely to trade better — maybe not today, particularly — but I bet by Friday we're higher and I bet by next week we're higher again," Gartman told CNBC in London.

Iconic jeweler Tiffany reported Q1 earnings which continued the recent slide in top and bottom line on the back of a clearly weaker domestic and global consumer, and which not only missed the top and bottom line, printing at $891.3MM (exp. 914.9MM) and $0.64 (exp.

• Oil nudges $50 a barrel as investors bet on shrinking overhang (Reuters)
• From hinterland to wonderland: China's 'teapot' refinery boomtowns (Reuters)
• Peter Thiel Has Been Secretly Funding Hulk Hogan's Lawsuits Against Gawker (Forbes)
• China Wants to Set Prices for the World's Commodities (BBG)
• Big Banks Ladle On the Risk (WSJ)
• China Said to Plan Asking U.S. on Timing of Fed Rate Hike (BBG)
• ECB credit buying to start small, betting on issue boom (Reuters)
• HP Enterprise to Spin Off, Merge Services Business (WSJ)

The single biggest event overnight was the PBOC's devaluation of the Yuan to the lowest since March 2011, setting the fixing at 6.5693, the highest in over 5 years and in direct response to a stronger dollar, which however if one looks at the DXY remains well below the recent highs in the 100 range, suggesting for China this is only just beginning.