From: RI< Subject: ar y our 12.9.14 Date: Tue, 09 Dec 2014 10:50:19 +0000 Inline-Images: image001.jpg L,pescription: Description: Good Morning ... European Markets off 50-160 bps (Greece -8.12%) ... NKY -0.68%, SHCOMP -5.43%, HSI -2.34%, KOSPI -0.40%, TWSE -0.64%, ASX -1.68% EUR 1.2361 (+0.36%) JPY 119.93 (+0.63%) EURIJPY 148.25 (-0.27%) RUB -0.77% Greece 10yr 7.67% US 10yr 2.26% Futures: Dow -58, Nasdaq -16, S&P -6 DXY $88.83 (-22c) Crude $63.27 (+23c) Gold $1206.50 (+$11.60) Copper -0.49% Silver +1.13% Nat Gas +2.00% Asia indices finished down across the board following the weakness in the US yesterday. China once again active as the SHCOMP sold off sharply in the PM session to close -5.4% in record turnover after being +2.4% earlier in the day and snapping a five day +13% win streak. There was no clear reason for the reversal but some were highlighting profit taking as the RRR hadn't materialized over the past weekend despite constant chatter that one was imminent. Japan ended lower with the USDJPY moving towards the 120 level (this is the first negative close for the Nikkei and the Topix in eight trading day. European markets are weaker this morning as peripheral spreads widen out following the developments in Greece. Greek PM Antonis Samaras has opted to pull forward the Presidential vote to next week from February in a risky move to save his coalition (first round of voting now on Dec 17 with further polls on Dec 23 & 29). Bloomberg notes that 'failure to install a candidate after three attempts [need 180 votes) would prompt the collapse of Samaras' coalition and the dissolution of Parliament" and thus snap elections as early as January 4 so this has clearly increased political risk and will be a v closely watched event. Greek Banks all under pressure this morning (TPEIR -11.9%, ALPHA -10.1%, ETE -10.7%, EUROB -12.4%). In addition to the Greek vote next Wednesday we will also have the FOMC meeting and there continues to be some de