Local shares are poised to open lower, taking their queue from overseas equities which were weighed down by a global bond rout. What you need2know SPI futures down 16pts to 5655 AUD at 79.72 US cents, 95.62 Japanese yen, 71.15 Euro cents, 50.88 British pence On Wall St, S&amp;P 500 -0.3%, Dow -0.2%, Nasdaq -0.4% In Europe, Stoxx 50 -1.4%, FTSE -1.4%, CAC -1.1%, DAX -1.7% Spot gold down 4 US cents to $US1193.90 an ounce Brent crude up $US2.27 or 3.5% to $US67.18 a barrel What's on today Australia wage price index, tourist arrivals; New Zealand Financial Stability Report and governor Graeme Wheeler's press conference; China monthly data; US retail sales. Stocks in focus Credit Suisse cut Incitec Pivot to "underperform" from "neutral" with a target price at $3.28, from $3.25. Citi has a "neutral" on Southern Cross Media and a price target of $1.04 a shares. Southern Cross Media announced that CEO Rhys Holleran is stepping down in July 2015, as the board requires "renewed and long-term leadership for the next phase of development". Currencies The US dollar slumped against the euro for the first time in four trading sessions after a spike in German Bund yields rattled markets and led traders to repurchase the euro to reduce portfolio losses. Investors who had bullish positions in Bunds and short bets against the euro, and who had magnified those positions with leverage, were forced to repurchase the euro on the sell-off in Bunds in order to mitigate their losses, said Axel Merk, president and chief investment officer of Palo Alto, California-based Merk Investments. "People are unwinding levered trades, and these are ripple effects that we see," he said. "They continue to be short the euro, and they have to trim that down." Commodities Iron ore with 62 per cent iron content delivered to Qingdao, China, was down 0.14¢, or 0.22 per cent lower, at $US62.88 a tonne. The US government has lowered its 2015 and 2016 crude oil production growth forecasts amid lower prices and fewer active drilling rigs. Benchmark copper ended up more than 1 per cent at $US6440 a tonne from Monday's last bid at $US6360. The metal used in power and construction earlier touched $US6459, its highest since May 5. United States US stocks ended lower on Tuesday after a recent run-up in global bond yields unsettled investors already concerned about an eventual Federal Reserve interest rate hike. Stocks recovered from steeper losses after Treasury yields crept back slightly from six-month highs. The recent, unexpected leap in yields on US Treasuries and German Bunds has been a thorn in the side of US stock investors for several days. "In the short term, the market is a hostage to interest rates, said Jim Awad, managing director at Plimsoll Mark Capital. "To the extent you have an increase in interest rates that the Fed doesn't control, you're getting an unwanted tightening in the financial markets." Europe European shares fell sharply on Tuesday as a sell-off in global bond markets led investors to trim their exposure to risk. "Bond-like equities, or high-yielding bond proxies such as consumer staples, are already looking quite expensive, and this sort of bond-market reaction is not helpful for them," said Victoria Leggett, portfolio manager at Union Bancaire Privee. Greece outperformed the wider European stock market, its ATG index closing up 1.8 per cent, as Athens calmed fears of a default on Monday by making a 750 million euro payment to the International Monetary Fund a day early. What happened yesterday Shares bounced back after the 400-point sell-off but the market's next move is still in the balance. On Tuesday, the S&amp;P/ASX 200 Index rose 49.5 points, or 0.88pc, to 5674.7.