From: Ike Groff Subject: Early Tour 3.15.12 Date: Thu, 15 Mar 2012 10:13:27 +0000 Good Morning ... European Markets up 0-25 bps (Spain & UK down small) ... Nikkei Closed +0.72% (HSI +0.21%, China -0.73%, KOSPI -0.06%) EUR 1.3063 (+0.23%) JPY 83.68 (+0.06%) NZD .8139 (+0.57%) Copper +0.26% Nat Gas -1.58% US 10yr 2.296% Futures: Dow +14, Nasdaq +5, S&P +2 DXY $80.40 (-16c) Crude $105.62 (+19c) Gold $1646.20 (+$3.30) Silver +0.26% SHCOMP lower again overnight -0.73% on follow thru from Wen's comments yesterday, a lower foreign direct investment print, as well as fears of widening political rifts ahead of a power transition this fall after a senior Chinese leader was ousted as Communist party secretary in Chongqing. Also getting some attention this morning, JPM strategist Adrian Mowat spoke at a conference in Singapore yesterday and noted that recent data suggests China's economy is already in a "hard landing" and he continues to feel that policymakers are at risk of getting behind the curve. Fairly quiet otherwise overnight. Options expiration tomorrow with a large amount of open interest in the SPX 1400 strike calls relative to puts. Europe slightly higher but fading back to flat on average volumes today. DAX +19bps which takes it to +20.26% ytd. Spain & France bond auctions went ok. S&P futures +2 handles = 1390.90 last. ***PPI & Jobless Claims @ 8:30am, Philly Fed @ 10am*** ***Credit Card Master Trust data out today*** PayPal event in SF today (set to launch refreshed payment service for small businesses) Google to revitalize search engine (more facts and direct answers to queries) (WSJ<http://professional.wsj.com/article/S1910001424052702304459804577281842851136290.html? mg=reno64-sec-wsj>) -12%) week) info) Guess guides Q1 eps to 25c-28c vs 48c est (revs & margins below street) (trading Avaya to buy RADVision $11.85/share (stock has moved from $7.65 to $11.20 this Cisco in talks to acquire NDS Group for $5 billion says webs