From: Subject: Early Tour 12.23.14 Date: Tue, 23 Dec 2014 10:57:22 +0000 Inline-Images: image001.jpg L,,pescription: Description: Good Morning ... European Markets up 0-50 bps ($RTS +1.7%, Portugal +1.00%, Greece -2.4%) ... NKY (closed), SHCOMP -3.03%, HSI -0.39%, KOSPI -0.21%, TWSE +0.03%, ASX -1.12% EUR 1.2229 (-0.01%) JPY 120.11 (-0.05%) EUR/JPY 146.88 (+0.04%) RUB +1.99% AUD -0.07% US 10yr 2.156% Futures: Dow +14, Nasdaq +1, +1 DXY $89.72 (-Sc) Crude $56.05 (+78c) Gold $1178.80 (-$1.00) Copper -0.10% Silver +0.27% Nat Gas +1.62% Asian markets mixed overnight on light volume ahead of Christmas and with Japan closed for the Emperor's birthday. China A-shares saw a volatile session with the SHCOMP rallying from -3% to up +30bps to then sell-off in the afternoon back to the lows. Insurance names however, remained strong as press reports that the group will book profits of RMB300b on stock investments in O4. HK followed the move lower in China, but fared a bit better as moves in autos (+1.7%), airlines (+80bps) and brokers (+75bps) helped to stem declines. Dalian Wanda IPO was in focus, breaking below the offer price of HK$48 to close at HK$46.80 (-2.5%). Steel makers (-2.4%) got hit on reports of a cut in the steel exports tax rebate in China. Miners (-3.4%) also weighed on Australia as iron-ore prices hit Jun09 lows. Taiwan managed to close in the green for a 4th straight day — led by gains in non-tech sectors like rubber (+1.9%), plastics (+1.1%) and textiles (+50bps). HK, NZ and Australia all have early closes tomorrow and Japan re-opens. European markets mixed but generally higher on the last full day of trading ahead of the Christmas holiday (markets that are open tomorrow are % day and all of Europe will be closed on Thursday and Friday). Russia $RTS +1.7% and the RUB is stronger after Putin spoke by phone with Poroshenko, Merkel and Hollande last evening and they agreed to hold the next round of peace talks tomorrow and Thursday.