From: Ike Groff Sent: Fri 9/27/2013 10:06:07 AM Subject: Early Tour 9.27.13 Good Morning ... European Markets off 40-80 bps... NKY -0.26%, SHCOMP +0.20%, KOSPI +0.22%, HSI +0.35%, TWSE +0.56%, ASX +0.24% EUR 1.3500 (+0.08%) JPY 98.61 (+0.39%) EUR/JPY 133.12 (-0.29%) AUD 0.9316 (-0.50%) NZD 0.8277 (-0.16%) GBP 1.608 (+0.24%) US 10yr 2.63% Japan 10yr 0.68% Germany 10yr 1.79% Portugal 10yr 6.94% Italy 10yr 4.42% Spain 10yr 4.39% Futures: Dow -45, Nasdaq -11, S&P -6 0XY $80.43 (-9c) Crude $102.40 (-63c) Gold $1324.30 (+20c) Copper -0.14% Silver -0.74% Asian markets were mainly higher overnight to close out the week ahead of quarter end. Volumes continue to be on the light side and news flow, both macro and stock specific was quiet. Japan was the only major market to end in the red, marginally retreating from yesterday's gains. There wasn't much action in the yen, which failed to break above 99 early, drifting lower throughout the session. August CPI out before the open was a touch higher than expected (National CPI +0.9% y/y vs est +0.8% y/y) but not enough to make any impact. That said, the retail buying continued, with the MOTHERS Index up another 4%. In Korea, the KOSPI stayed above 2k as foreign buying continued for a 23rd consecutive session. Shipbuilders (+2.4%) led gains as local brokers have been positive on order momentum and demand outlook along with retail (+2.5%) on signs of improving monthly sales (Aug #'s out yesterday). China and HK saw light volumes ahead of the Golden Week Holiday with the only excitement being a late day rally in the HSI which was attributed to the rolling of futures contracts into October — triggering short stops. It should continue to be quiet next week, in China and HK anyway as the Golden Week holidays get underway. Below is a list of next week's market closures: o Tuesday: China, Hong Kong o Wednesday: China, India o Thursday: China, South Korea o Friday: China European markets opened up but hav