From: Ike Groff Subject: Early Tour 7.3.13 Date: Wed, 03 Jul 2013 09:41:59 +0000 Inline-Images: image001.jpg: image002.png La.:Description: Description: Good Morning ... European Markets off 1.0% - 2.0% (Portugal -5.4%, Spain -2.7%, Turkey -3.1%, Greece -2.9%) ... ASX -1.86%, NKY -0.31%, KOSPI -1.64%, TWSE -1.30%, SHCOMP -0.61%, HSI -2.48% EUR 1.2952 (-0.21%) JPY 99.79 (+0.84%) GBP 1.5227 (+0.47%) AUD .9083 (-0.70%) KRW -0.85% ZAR -0.93% INR -1.00% Portugal 10yr 7.47% Spain 10yr 4.73% Italy 10yr 4.52% Germany 10yr 1.64% Japan 10yr 0.87% US 10yr 2.44% Futures: Dow -84, Nasdaq -19, MI -9 DXY 83.46 (-0.09%) Crude $101.21 (+1.61%) Gold $1245.40 (+0.15%) Silver +0.91°/0 Geopolitical events dominating the overnight news flow. Asia markets finish lower across the board with Hong Kong underperforming (especially the H-Shares after China non-manufacturing June PMI disappointed coming in at 53.9 vs. 54.3 previously) while mainland financials struggle as the market continues to fret the credit issues. Japan was not immune to the overnight de-risking but did fare better than the rest of the region as the Nikkei managed to stay above 14,000 while the JPY tries to hold 100 level (has dipped back below this morning). Nikkei Futures have come off since the close however and currently -1.43%. Crude is trading > $100/bbl as Egypt's President Mohamed Morsi rejects calls to step down amid mass protests and violence (2 days ago the military gave him 48 hours to resign or end the turmoil 4 deadline set to expire between 3pm-5pm local time today = 9am-11am EST) (the military has warned of more bloodshed while Morsi has said he is prepared to die to defend his cause). In Europe, Portuguese PM Pedro Coehlo says he will not quit and refuses to accept the resignation of Paulo Portas (his foreign minister and leader of the junior coalition party CDS-PP) who has stepped down after the outgoing finance minister was merely replaced by his former deputy. There is spec