From: Ike Groff Subject: Early Tour 2.8.13 Date: Fri, 08 Feb 2013 10:56:38 +0000 Inline-Images: image001.jpg: image002.png Le:Description: Description: Good Morning ... European Markets up 10-60 bps (Italy +0.83%) ... ASX +0.72%, NKY -1.80%, KOSPI +0.99%, SHCOMP +0.57%, HSI +0.16% EUR 1.3415 (+0.13%) JPY 92.45 (+1.28%) EUR/JPY 124.02 (-1.15%) NZD 0.8373 (+0.52%) AUD 1.0335 (+0.51%) Spain 10yr 5.32% Italy 10yr 4.52% US 10yr 1.94% Copper +0.28% Silver +0.32% Futures: Dow +5, Nasdaq +3, S&P +1 DXY $79.98 (-21c) Crude $96.11 (+27c) Gold $1671.20 (-10c) Asia markets mostly higher with the exception of NKY225 which closed -1.80% to post its first weekly loss in 13 weeks on further profit taking sparked by disappointing corporate profits (Sony closed -10.8% on yesterday's earnings but note it had rallied 100% since Dec 1). JPY +1.07% on the session as Deputy PM Taro Aso says pace of JPY weakening has been too fast. China released trade data for January which beat expectations (exports +25% vs est +17.5% and imports +28.8% vs est +23.5%) but is being somewhat discounted due to seasonal effect of Lunar New Year (falls in Feb this year, giving Jan an extra 5 working days). That said, the data still indicates a strengthening economy and the SHCOMP trended higher for the remainder of the day to close +0.57%. CPI and new loans were also released (CPI was inline at +2.0% and new loans were better at 1.07tn yuan vs est of 1tn yuan). SHCOMP will be closed all next week for Lunar New Year holiday (Year of the Snake). Many other markets in Asia will be closed next week as well (see below for schedule). EU leaders pulled an all-nighter and are now close to a long-term budget deal that would set total EU spending at E960 billion from 2014-2020 = a E33 billion cut (Telegraph). EUR has bounced slightly and currently at 1.3415 vs yesterday's post-Draghi low of 1.3371. European markets up 10-60bps in choppy trading (volumes 105% of 3-month average). Blizzard warni