From: EMI< Subject: Early Tour 7.17.13 Date: Wed, 17 Jul 2013 09:57:38 +0000 Inline-Images: image001.jpg: image002.png L,:-)'Description: Description: Good Morning ... European Markets off 25-75 bps (Spain -0.94%)... ASX -0.09%, NKY +0.11%, KOSPI +1.13%, TWSE -0.01%, SHCOMP -1.01%, HSI +0.28% EUR 1.3149 (-0.10%) JPY 99.58 (-0.49%) EUR/JPY 130.95 (+0.39%) AUD 0.9213 (-0.43%) NZD 0.7859 (-0.43%) Spain 10yr 4.71% Italy 10yr 4.48% Portugal 7.17% Germany 10yr 1.57% Japan 10yr 0.82% US 10yr 2.535% Futures: Dow -33, Nasdaq -3, S&P -4 DXY $82.56 (+6c) Crude $105.43 (-57c) Gold $1286.70 (-$5.30) Copper -1.44% Silver -0.83% AsiaPac indices finished mixed with volumes still light ahead of Bemanke's congressional testimony later. China FDI surprised to the upside, coming in at a 15-month high of 20.1% vs expectations of 0.7% and 0.3% previously. SHCOMP initially rallied on the print but faded in the afternoon to end on the lows as FinMin was quoted as saying "China won't roll out large-scale fiscal stimulus policies this year." Copper -1.47% on the heels of that. South Korea outperformed on chatter that the National Pension Fund was actively buying in the market and Japan struggled most of the day, but PM strength in Softbank (+4.9%) helped the Nikkei eke out a gain. Australia was unable to stay in positive territory despite a strong showing from materials stocks after BHP's (+2.3%) quarterly production beat estimates, which follows strong numbers out of Rio (+1.1%) yesterday. European markets mostly lower to start the day. Spain underperforming -0.94% on rumors of a potential two-notch downgrade by S&P (has been on negative watch since Oct 2012) and the PP slush fund scandal not helping either. Earnings heating up in the US with a number of big names in the financials and tech sectors due to report today. Bemanke testifies on Capitol Hill at 10am but the text will be released pre-open at 8:30am. SPA's -4 handles = 1667 last. ***Mortgage Apps @ 7a