From: Sent: Wed 2/19/2014 10:46:56 AM Subject: Early Tour 2.19.14 Good Morning ... European Markets mostly lower 0-70 bps (Russia -0.96%) NKY -0.52%, SHCOMP +1.11%, HSI +0.26%, KOSPI -0.20%, TWSE +0.24%, ASX +0.29% EUR 1.3749 (-0.07%) JPY 102.13 (+0.22%) GBP 1.6681 (-0.02%) RUB -0.67% US10yr 2.6872% Futures: Dow -25, Nasdaq -2, S&P -3 DXY $80.00 (unch) Crude $102.61 (+0.18%) Gold $1319.30 (-0.39%) Asian indices were skewed higher overnight in what was a very dull session. Japan gave back some of yesterday's gains post the BOJ release. The Nikkei opened tower and held a narrow range as the yen strengthened to 102.15 intra-day. Bridgestone (-4.3%) weighed after announcing profit forecasts that were below estimates (out post close yesterday). In Korea, the KOSPI closed lower on foreign selling, especially in Hyundai (-1.7%) post disappointing Jan EU sales data. China outperformed as the SHCOMP rallied to its highest level in two months led by financial names. Hong Kong was also higher although the Macau space was under pressure following reports of the potential shortening of license renewal period to five years from 10 years. Volumes were light all around except for Australia, which was boosted on a slew of results, including Fortescue (-2.3%) which posted I H net income slightly below estimates (stock rallied 20+% into numbers). Tomorrow we get trade data out of Japan, along with the BOJ Feb economic report. The HSBC/Markit China Flash PMI is due out @ 8:45pm tonight as well. European markets tilted slightly better for sale this morning with volumes at their best levels of the week. EMU Banks underperforming -0.95% on what seems to be profit taking after the recent run (CBK GY -3.1% on no real news). On the geo-political front, the situation in the Ukraine continues to deteriorate with at least 25 people killed yesterday in the clashes around Independence Square. Anti-government protests in Venezuela and Thailand arc also starting to