From: Sent: Thur 2/6/2014 10:49:51 AM Subject: Early Tour 2.6.14 Good Morning ... European Markets up 70-150 bps ... NKY -0.18%, SHCOMP (closed), HSI +0.72%, KOSPI +0.88%, TWSE +0.56%, ASX +1.20% EUR 1.3528 (-0.04%) JPY 101.54 (-0.09%) AUD +0.49% NZD +0.09% GBP -0.10% RUB +0.54% Spain 10yr 3.71% Italy 3.77% Portugal 10yr 4.96% US 10yr 2.67% Futures: Dow +72, Nasdaq +19, S&P +9 DXY $81.08 (+4c) Crude $97.75 (+37c) Gold 51258.30 (+$1.40) Copper +0.47% Silver +1.06% Nat Gas +3.86% Asian markets were mostly higher overnight on light volumes ahead of Friday's NFP. Australia led the region for a change with the ASX200 closing at the highs after a surprise trade surplus — miners were strong along with Woolworths (+2.4%) which posted solid 2Q food & liquor sales. In Japan, the Nikkei saw a late day sell-off to finish marginally lower despite Softbank (+3.8%) reversing some YTD losses and posting its best daily gain this year. Earnings remain in focus with another round of results out after the close including Sony (+1.5%) which officially announced the sale of its PC business as well as cutting jobs and lowering FY forecasts. In Korca, the KOSPI was higher driven by gains in Naver (+7.3%) and Hynix (+5.3%) - Naver on strong 4Q results and Hynix helped by stable 2H Jan DRAM prices. HK saw choppy trading, but rallied in the afternoon to close near the highs. Macau names rebounded hard from yesterday's losses as chatter that strong CNY traffic will offset Jan's weaker GGR growth (Sands +10.9%, Galaxy +7.3%, SJM +6%). China should be the focus tomorrow as the market re-opens tonight after the CNY break. European markets up 70-150 bps with macro focus on the ECB decision due out @ 7:45am with a Draghi press conference 45min later. General consensus is that any change today is premature (next month more likely) but there are a handful of banks that are now calling for a 15bps cut to the refi rate after the recent inflation data (and a few that th