UPDATED 6:15 am ET

STOCKS – China devalued the yuan by the most in two decades, a move that rippled through global markets as policy makers stepped up efforts to support exporters and boost the role of market pricing in Asia’s largest economy. European shares fell led lower by car makers and luxury goods companies, whose products just got more expensive for Chinese consumers. This followed falls in the US stock futures ahead of the Wall Street opening bell.

BONDS – Weaker stocks lifted top-rated bonds, with yields on euro zone debt also driven lower by the Greek deal, nine days before Athens is due to repay 3.2 billion euros to the European Central Bank.

COMMODITIES – A stronger US dollar hit commodity prices, driving crude oil down after Monday’s hefty gains.

CURRENCIES – China’s surprise 2 percent devaluation of the yuan on Tuesday pushed the dollar higher and raised the prospect of a new round of currency wars.The Australian dollar often used as a liquid proxy for the yuan sold off the most.

ECONOMIC DATA -US Prelim Unit Labor Costs q/q due at 8:30, JPY Monetary Policy Meeting Minutes at 19:50 ET.

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