According to China's top economic planning body, some local companies are cutting back on their efforts to hire new university graduates.China Economyread more
German Chancellor Angela Merkel has presided over a tumultuous recent period, which for many, has left Europe on the brink.Commentaryread more
Tensions between China and the U.S. are threatening to slow global trade further, threatening some Asian economies.Asia Economyread more
U.S. President Donald Trump's former campaign chairman Paul Manafort was transferred to a detention facility in Manhattan on Monday ahead of an expected arraignment on state...White Houseread more
Airbus recorded orders and options for 123 planes, according to the aviation consulting firm IBA.iQ.Paris Air Showread more
Markets in Asia were mostly higher in Tuesday trade as investors awaited the start of a closely-watched meeting by the U.S. Federal Reserve, set to kick off later stateside.Asia Marketsread more
Wall Street analysts think Facebook's cryptocurrency payments project will give the company a big boost.Marketsread more
Chinese President Xi Jinping will travel to North Korea this week for a two-day visit, ahead of a possible meeting between Xi and President Donald Trump at next week's G-20...Politicsread more
The Pentagon said that the crew of one of the tankers, the Japanese Kokuka Courageous, found an unexploded limpet mine on its hull following an initial explosion.Politicsread more
China's Alibaba Group on Tuesday said its chief financial officer, Maggie Wu, will oversee the firm's strategic acquisitions and investments unit, as part of a business and...Technologyread more
Despite the popularity of companies like Beyond Meat and Impossible Foods, meat consumption around the world continues to rise.Food & Beverageread more
Investors largely believed he was the frontrunner for the job and that the former Treasury Secretary would embark on a more hawkish course regarding the removal of Fed stimulus than the other candidates believed to be in contention.
(Read more: Summers withdraws his name for Fed chair)
Markets across Asia and Europe rallied on the news and Dow futures jumped more than 160 points in Monday morning pre-market trading. The 10-year Treasury note yield fell to 2.82 percent. The dollar fell against the yen and the euro.
"The market was really anticipating Summers," said Dave Lutz, a trader with Stifel Nicolaus in Baltimore. "Rates are gonna get hit as they perceive either Kohn or Yellen as more dovish."
Pimco's Bill Gross tweeted this shortly after the news: "Summers's exit makes Monday a huge day for curve/risk on trades. Treasury 5/30 curve may steepen by 10. Stocks should do very well."
Behind Summers, surveys show Federal Reserve Vice Chair Janet Yellen and former vice chair Donald Kohn as the frontrunners. With Summers out, it's now more important than ever for the market to get a sense where these two stand on the Fed's current quantitative easing plan that has kept rates artificially low for years, boosting risk assets.
And they'd better figure it out soon as this Wednesday, current Fed Chair Ben Bernanke is expected to announce a tapering of the central bank's third round of monthly bond purchases since the financial crisis. The velocity of this tapering and whether it continues at a regular pace for the next year could me much different under Yellen, investors seem to be betting right now.
(Read more: Here it comes: Are you ready for the Fed to taper?)
"I viewed the market uncertainty of what a Summers appointment represented as a 3.25 percent move in the 10-year versus 2.85 percent with Yellen, who the market will now price as the frontrunner," said Paul Richards, head of FX distribution for UBS. "Tapering was in the price, Summers not. So the Fed now proceeds to taper Wednesday and the market handles that well as relief sets in on the Bernanke replacement argument."
The 10-year yield hit a two-year high above 3 percent last week after strong economic data and also as Summers moved firmly into the front runner spot for the Fed nomination.
"This is very bullish of bonds and stocks and very bearish of the dollar," said Dennis Gartman of The Gartman Letter. "Yellen is THE front runner."