From: Ike Groff Sent Tue 11/26/2013 10:52:49 AM Subject: Early Tour 11.26.13 Good Morning ... European Markets off 0-50 bps (IBEX +0.33%) ... NKY -0.67%, SHCOMP -0.14%, HSI - 0.01%, KOSPI +0.33%, TWSE +0.74%, ASX +0.08% EUR 1.3543 (+0.19%) JPY 101.41 (+0.26%) EUR/JPY 137.34 (-0.06%) AUD 0.9146 (-0.17%) NZD 0.8208 (-0.01%) US 10yr 2.72% Japan 10yr 0.62% Germany 10yr 1.71% Portugal 10yr 5.88% Italy 10yr 4.06% Spain 10yr 4.14% Futures: Dow -9, Nasdaq unch, S&P -0 DXY $80.75 (-17c) Crude $94.54 (+45c) Gold $1251.10 (+59.50) Copper +0.05% Silver +1.07% Nat Gas +1.06% Asian markets were mixed overnight on light volumes (despite the MSCI rebalance) with few catalysts ahead of Thanksgiving holiday in the US. Japan took a breather from recent strength as the yen finned up a bit after nearly touching 102 yesterday (low of 101.34 intra-day). LINE related names (social networking & communication service app in Japan) were in focus on reports that it has more than 300m subscribers and is targeting 500m users in 2014 (Adways +22.2%, Netyear +24.9%) as well as Chiyoda (+2.6%) and Fujifilm (+4.3%) on broker upgrades. In Korea, the KOSPI bottomed out early to grind higher into the close as foreign and ►ocal institution's continued yesterday's buying — tech led gains on Black Friday hopes with focus on Samsung and Hynix (both +1%). Taiwan tech names also got a boost ahead of Black Friday and TSMC (+2.5%) after BofA reit BUY. China fluctuated between gains and losses with the focus back on Free Trade Zone names and SOE's after the local press said that the government may issue an SOE reform plan as soon as early as December. European markets consolidating and generally off 0-50 bps. Some M&A in healthcare with Bayer in early talks to buy cancer partner Algeta for 336 NOK per share = 27% premium to last sale (stock is currently trading above deal price to 344 NOK last +30%). The other news worth noting is Remy Cointreau trading -10.6% after issuing a big p