From: Sent: Wed 10/15/2014 9:43:14 AM Subject: Early Tour 10.15.14 Good Morning ... European Markets off 25-100 bps (UK -1.1%, Turkey +0.80%) NKY +0.92%, SHCOMP +0.60%, HSI +0.40%, KOSPI -0.17%, TWSE -1.29%, ASX +0.73% EUR 1.2649 (-0.07%) JPY 107.21 (-0.14%) RUB -0.25% AUD +0.17% NZD -0.09% CAD - 0.59% GBP +0.21% US 10yr 2.19% Futures: Dow -30, Nasdaq -8, S&P -7 DXY $85.98 (+7c) Crude $80.98 (-85c) Gold $1223.90 (+$10.40) Copper -0.79% Silver -1.74% Nat Gas +0.86% Asia indices ended mostly on a firmer note despite ongoing Ebola fears and as energy remains under pressure. The Nikkei finished on the highs on what some described as a relief rally after the recent drubbing without any particular catalyst for the turnaround other than holding the 15K level. The kr weakening also helped as well as reports that TPP talks have been constructive between Obama and Abe. China and Hong Kong are firmer following the release of macro data showing September CPI came in at +1.6% was slightly below +1.7% consensus and PPI came in at -1.8% vs. -1.6% consensus. Mainland brokers got a lift from local press talking about HK-Shanghai Connect approval and Macau names were stronger with the market starting to talk about sentiment bottoming. The KOSPI ended lower after the BoK cut rates to a four year low at 2.0% and lowered 2015 GDP growth forecast to 3.9% from 4% previously. Taiwan (-1.3%) underperformed as the Apple supply chain weighed. European markets are generally softer this morning after yesterday's US gains evaporated in the afternoon. Inversion plays under pressure as risk-arb accounts unwind after Abbvie surprised the market with the announcement that its board will re-consider the Shire deal this Monday given the Obama administration's tax crackdown (SHP LN -24%, AZN LN -3.6%, SN/ LN -2.5%, SYR LN -4.7%). Airlines were initially squeezed earlier this morning following the oversold bounce in US peers yesterday, but they have all come back in wi