From: Sent: Thur 11/7/2013 10:49:54 AM Subject: Early Tour 11.7.13 Good Morning ... European Markets off 0-60 bps (DAX/PSI/SMI up small, MIB -0.86%) ... NKY -0.76%, SHCOMP -0.48%, HSI -0.68%, KOSPI -0.48%, TWSE +0.02%, ASX -0.22% EUR 1.3519 (+0.05%) JPY 98.69 (-0.07%) EUR/JPY 133.42 (+0.08%) AUD 0.9491 (-0.38%) NZD 0.8377 (unch) US 10yr 2.63% Japan 10yr 0.59% Germany 10yr 1.73% Portugal 10yr 5.91% Italy 10yr 4.19% Spain 10yr 4.14% Futures: Dow -12, Nasdaq -5, S&P -2 DXY $80.48 (unch) Crude $95.13 (+33c) Gold $1315.30 (- $2.50) Copper +0.17% Silver +0.08% Nat Gas +0.89% Asia markets mostly lower overnight. NKY225 lagged the region and closed on the lows -0.76%. SHCOMP finished -0.48% ahead of this weekend's policy meetings. AUD trading -0.49% after weak Australian employment numbers. Despite yesterday's rally in the US being led by more defensive sectors, it is the EMU Banks that are outperforming in Europe this morning after Commerzbank (+8%), SocGen (+2.2%), Credit Agricole (+3.2%), Natixis (+3.8%) all reported decent numbers before the open. Nevertheless European markets have generally turned for sale since the open and are lower across the board on general profit taking. BOE & ECB rate decisions will be out in the next few hours. No changes are expected but note that Merrill has been making an anti-consensus call in that they believe the ECB will cut its main refi rate by 25bps today (they don't expect a deposit rate cut but do see a rising probability of an LTRO in Q1 2014). MSCI changes announced after the close tonight (effective on the close Nov 26). Retail Comps day in the US and we will get Jobless Claims & GDP 0 8:30am. Twitter priced at $26/share and begins trading this morning. SPA's -2 handles = 1763 last. "'BOE lam, ECB 7:45am (Draghi press conference 0 8:30am), China October trade data tonight*** ***Retail Comps today, Jobless Claims & GDP 8:30am, Consumer Credit 0 3pm*** mAPA,CVC,IGT,SNI,WIN,WEN reports pre-open