From: Sent: Tue 2/4/2014 10:59:34 AM Subject: Early Tour 2.4.14 Good Morning ... European Markets off 0-95 bps (periphery outperforming, IBEX +0.13%, DAX -0.91%) NKY -4.18%, SHCOMP (closed), HSI -2.89%, KOSPI -1.72%, TWSE (closed), ASX -1.75% EUR 1.3518 (-0.05%) JPY 101.271 (-0.28%) EUR/JPY 136.90 (+0.24%) AUD +1.43% NZD +0.81% GBP +0.18% Spain 10yr 3.75% Italy 3.79% Portugal 10yr 5.05% US 10yr 2.60% Futures: Dow +28, Nasdaq +6, S&P +5 DXY $81.10 (+9c) Crude $96.56 (+13c) Gold $1254.10 (- $5.80) Copper +0.35% Silver -0.41% Nat Gas +2.57% Asian indices continue to get hit in heavier volume as the global selloff continues. Hong Kong closes on the lows -2.89% after coming back online following the CNY holiday and the weaker macro data that was out over the weekend. Mainland China and Taiwan remain closed. Japan once again underperformed the rest of the region with the stronger JPY not helping sentiment. The Topix (-4.8%) entered into correction as it closed down -13% from the January 8 high. The Mothers index (-10%) was decimated reflecting retail cutting down on losses. The Nikkei closed -4.18% and is now -14.01% ytd. Australia also ended on the lows -1.75% after the RBA left rates unchanged at 2.5% as expected but moved away from its easing bias (sending the AUD +1.43%). European markets opened weaker in sympathy with the overnight moves in the US/Asia, then started to recover with the periphery trading higher before eventually rolling back over a bit. Sector-wise, banks are the notable outperformer (SX7P +0.41%) on a story that ECB's Draghi is seeking German support in the bond sterilization debate (Bloomberg). In single-stock earnings related news: Neste Oil is +9.3% after beating estimates (high short interest name), UBS +5.7% after beating #'s on stronger wealth management performance, Vestas Wind -6.0% after beating numbers but also announcing it will sell up to 20.4M new shares, Arm Holdings -3.5% on slower royalty revenue growt