From: Subject: Early Tour 8.9.13 Date: Fri, 09 Aug 2013 09:54:10 +0000 Inline-Images: image001.jpg: image002.png L,,:pescription: Description: Good Morning ... European Markets mixed +/- 30 bps (Portugal +1.2%) ... NKY +0.07%, SHCOMP +0.36%, HSI +0.70%, ASX -0.19%, TWSE -0.65%, KOSPI -0.17% EUR 1.3381 (unch) JPY 96.63 (+0.04%) AUD 0.9152 (+0.52%) NZD 0.8017 (+0.11%) CAD 1.0304 (+0.24%) US 10yr 2.59% Japan 10yr 0.76°A, Germany 10yr 1.69% Portugal 10yr 6.55% Italy 10yr 4.21°A, Spain 10yr 4.53% Futures: Dow -37, Nasdaq -4, S&P -4 DXY $81.00 (+3c) Crude $104.18 (+78c) Gold $1306.50 (-$3.40) Copper +0A3% Silver +0.26% Choppy session in Asia overnight with the NKY & SHCOMP both managing to eke out small gains on the day. Big macro day in China: CPI +2.7% y/y vs est +2.8% (unchanged from June and well below the government's +3.5% upper limit), PPI declined for 17th straight month (-2.3% y/y vs est -2.2%), Retail Sales +13.2% vs est +13.5%, Industrial Output +9.7% vs est +8.9%, FAI +20.2% vs est +20.0%. Japan O2 preliminary GDP will be out on Sunday night which should have implications for the consumption tax debate. Multiple market holidays today including: India, Philippines, Malaysia, Singapore, Indonesia, South Africa, Turkey, UAE. European markets mixed in subdued trading to finish the week. Earnings quiet today but, on the M&A front, KPN is trading +16.4% after Carlos Slim's America Movil announced a €2.40/share bid for the remainder of KPN = 20% premium to yesterday's close (stock trading €2.33 last < deal price despite some suggesting the price is unlikely to be high enough). In the US, Priceline ticked as high as $988/share (+5.8%) in the after-hours to test its 1999 highs after reporting O2 sales that comfortably beat estimates. SPA's -4 handles = 1689.20 last. ***Wholesale Inventories @ 10aman • Priceline revs easily beat with profit +24% as International bookings grew (trading +5.5%) • Monster Beverage O2 revs trailed & profit fel