From: Sent: Tue 11/18/2014 10:57:56 AM Subject: Early Tour 11.18.14 Good Morning ... European Markets up 45-100 bps (Greece +1.59%) ... NKY +2.18%, SHCOMP -0.71%, HSI -1.15%, KOSPI +1.20%, TWSE -0.28%, ASX -0.24% EUR 1.2516 (+0.53%) JPY 116.69 (-0.03%) EUR/JPY 146.07 (+0.58%) RUB +0.83% NZD +0.54% SEK +0.79% US 10yr 2.33% Futures: Dow -7, Nasdaq -6, S&P -2 DXY $87.62 (-31c) Crude $76.12 (+48c) Gold $1200.80 (+$17.30) Copper -0.28% Silver +1.70% Nat Gas -1.41% Asia indices mixed overnight with Japan outperforming after the Nikkei bounced back strongly after yesterday's worse than expected GDP print. The USDJPY remains above 116 and Abe confirmed after the close that he will delay the consumption tax hike by 18 months (and promises that it will not be delayed again) and also dissolve parliament on Friday & call snap election for Dec 14. The KOSPI finished higher as foreigners make the biggest net-buys in cash since October 31 while locals continue to buy for 3 straight sessions. China's SHCOMP finished lower with the market concerned on the slow take- up of quota for the northbound trade as well as on liquidity concerns on the prospect of the next round of 11 IPOs. European markets are bid higher this morning across the board. JPM's equity strategy call out midday yesterday that the Eurozone is due for a period of outperformance vs the US getting some more traction today. Markets also legged higher after a much better than expected German ZEW survey (11.5 vs est 0.5). Merrill's November Fund Manager Survey out and shows cash balances drop to 4.7% (but still high) and expectations for ECB QE in Q1 picking up. Relatively quieter today with volumes tracking -80% of the 20d average. HD, MDT, TJX report pre-open in the US. SPA's -2 handles = 2037.40 last. naPPI t 8:30am, NAHB Housing Market Index @ 10amm • Urban Outfitters O3 profits tumbled (higher inventories at Urban brand) outlook light (trading -4%) • Agilent eps missed & profit off s