From: Ike Groff Subject: Early Tour 11.25.13 Date: Mon, 25 Nov 2013 10:51:43 +0000 Inline-Images: image001.jpg: image002.png u,:pescription: Description: Good Morning ... European Markets up 0-60 bps (Greece +2.5%, Turkey +1.6%, Italy -0.18%) ... NKY +1.54%, SHCOMP -0.47%, HSI +0.15%, KOSPI +0.49%, TWSE +0.87%, ASX +0.32% EUR 1.3510 (-0.36%) JPY 101.72 (-0.44%) EUR/JPY 137.42 (+0.10%) AUD 0.9151 (-0.35%) NZD 0.8203 (+0.11%) US 10yr 2.75% Japan 10yr 0.64°/0 Germany 10yr 1.72% Portugal 10yr 5.96% Italy 10yr 4.08% Spain 10yr 4.13% Futures: Dow +58, Nasdaq +11, S&P +5 DXY $80.93 (+22c) Crude $93.47 (-$1.37) Gold $1231.80 (-$12.80) Copper +0.06% Silver -0.53% Nat Gas +1.51% The biggest news over the weekend comes out of Geneva as P5+1 (US, China, Russia, France, UK, Germany) reached a deal with Iran under which certain aspects of its nuclear program will be limited and/or rolled back in return for partial easing of economic sanctions. The deal is temporary and reversible and will last for 6-months as a more comprehensive and permanent accord is negotiated. The agreement has faced sharp criticism from Israel, Saudi Arabia, as well as members from both sides of the aisle in Congress (WSJ) — although many others believe it is a first step in the right direction. Asian markets mostly higher overnight with Japan once again in the lead as the Nikkei inches closer to May's high. The BOJ's Kuroda gave another speech and essentially reiterated previous comments to the Diet: expect economy to grow above potential, commitment to +2.0% inflation, readiness to adjust policy as appropriate. But the real driver was Yen weakness, which touched 101.92 intra-day. Softbank also helped (+5.4% and up close to +18% for the month), seeing follow-thorough from Friday's Robin Hood mention as well as CLSA highlighting that interest in Alibaba is "unprecedented" (Softbank owns 38% stake). Insurance names (+1.6%) also stronger after Citi boosted PT's across the group a