China revalues currency

After the U.S. Congress and European nations put significant pressure on China, they've decided to not to tie the yuan to a fixed rate against the dollar. This will increase the price of goods from China. So it may be a bit of bad news for the Wal-Marts (whose stock is down slightly today), but it's good news for the economy as a whole.

In the end, this means U.S. and European companies can play on a more level playing field. Chinese goods will be a bit more costly here, and foreign goods will be less costly there. While the yuan remains pretty significantly undervalued, it's a decent first step. Even further, it's a bit of a political win.