skf also up 2.82%. reported better than expected numbers this morning for the second quarter, helped by cost cuts. we'll speak to the ceo later. earnings to bond markets. really a case of waiting for mr. bernanke. treasury yields, 2.54%, away from 2.75% we hit last week. inflation data in 15 minutes from the uk. gilt-year-olds 2.33%. spanish yields still elevated 4.75. currency market, cautious ahead of mr. bernanke's testimony tomorrow. aussie/dollar, 89 handle, just above that at the moment. sterling above 150. euro/dollar, 130.68. we traded in a 120/137 range for the euro/dollar over the last month. that's where we stand right now here in europe. let's check in on the markets in asia. we'll focus on india where the central bank is set to tighten liquidity. >> it was an unprecedented switch the rbi took last evening but it is pretty much in line with what a lot of emerging markets had been doing in terms of curbing the volatility they have seen in the currency. we have seen it with indonesia and brazi

take the skf. that's the ultrashort financial proshares.hink it would have made people money during the financial crisis. many of them got wiped out. wouldn't this be the instrment of choice? wrong. it actually lost you money. one of the worst years in bank stock history and that's what happened? how is this possible? they're designed to track day-to-day changes. at the end of every day they rebounce and they're more of a play on volatility than any of the sectors that allow you to own. so here's interesting issue. if these efts have no value for long-term investors, what's the point of having them? frankly it's hard for me to avoid the conclusion that the main function is to allow the shorts to get around the margin rules and manipulate the market with selling power at once. this gets at a problem with an sec interested in protecting you and regular investors. we'll deal with that after the break, though. stocks are not cash. they don't act like cash. they can't be viewed as cash. stocks go down for many reasons that have nothing to do wit