From: a< Subject: Early Tour 12.22.14 Date: Mon, 22 Dec 2014 10:42:49 +0000 Inline-Images: image001.jpg ,.jDescription: Description: Good Morning ... European Markets up 10-80 bps (Russia $RTS +4.2%)... NKY +0.08%, SHCOMP +0.61%, HSI +1.32%, KOSPI +0.68%, TWSE +1.06%, ASX +1.94% EUR 1.2260 (+0.25%) JPY 119.84 (-0.29%) EURIJPY 146.92 (+0.53%) RUB +5.40% AUD +0.24% US 10yr 2.17% Futures: Dow +40, Nasdaq +10, S&P +4 DXY $89.51 (-9c) Crude $57.59 (+45c) Gold $1195.50 (-50c) Copper +0.64% Silver +0.31% Nat Gas -5.23% Asian markets higher overnight with news-flow and volumes subdued ahead of Christmas. Japan underperformed as the Nikkei slipped into holiday mode and retail players appeared to take profits with the TSE Mothers index finishing -1.8%. Oil names were in focus as Showa Shell (+27.7%) popped on news that the company may be acquired by Idemitsu (+2.5%) for up to 500bn yen ($4.2 bn) - a deal that could create Japan's second largest player in the domestic gasoline market. South Korea also underperformed a bit as foreigners remained net sellers for a 9th consecutive session despite inflows into dividends plays — KEPCO (+2.7%) following gov'ts plan to increase SOE payout to 25% in 2015. China saw further gains, with the SHCOMP hitting a fresh high intra-day on big volume. HK followed along as money continues to flow out of 'new" China into "old" China plays like financials and infrastructure. Japan is closed tomorrow, Philippines is closed on Tuesday and Australia, Hong Kong, New Zealand and Singapore all close early. European markets bid higher to start the holiday shortened week and volumes and news flow is light as expected. Russia $RTS +4.2% as WTI Crude ticks +0.70% to $57.53/bbl. In the US we will have the Chicago Fed before the open and Existing Home Sales a little later in the morning. SPA's +3 handles = 2070.90 last. ***Chicago Fed @ 8:30am, Existing Home Sales @ 10am*** • Soitec cuts 2015-16 targets as sale of San Diego Gas