From: Sent: Thur 9/12/2013 9:55:15 AM Subject: Early Tour 9.12.13 Good Morning ... European Markets off 15-60 bps (Spain +0.07%) ... ASX +0.16%, NKY -0.26%, KOSPI +0.01%, TWSE +0.20%, SHCOMP +0.64%, HSI +0.07% EUR 1.3286 (-0.18%) JPY 99.38 (+0.53%) EUR/JPY 131.97 (-0.75%) AUD 0.9240 (-0.95%) NZD 0.8144 (+0.77%) INR +0.90% US 10yr 2.88% Japan 10yr 0.73% Germany 10yr 2.02% Portugal 10yr 7.14% Italy 10yr 4.54% Spain 10yr 4.48% Futures: Dow -14, Nasdaq -2, S&P -2 DXY $81.56 (+5c) Crude $107.83 (+26c) Gold $1342.50 (- $21.30) Copper -0.81% Silver -2.08% It was another choppy day for Asia with indices mostly range bound. Volumes were on the lighter side with the exception of South Korea which had quadruple witching. Tech names were lower as Apple suppliers continued to come under pressure as well as Taiwan panels on concerns that China may raise tariffs. China outperformed as banks rallied following comments of deeper financial sector reforms from Li Keqiang who was talking at Davos. Mainland property names were weaker, however, on continued speculation the government will introduce a property tax to curb gains in housing prices. Japan ended lower as the JPY move back below 100 drove profit taking in the export names. The disappointing machinery orders print out before the market also weighed. Tomorrow is expiry for futures and options (SQ) in Japan and volumes are expected to be heavy on the open. Australian jobless rate came in at 5.8% as expected though employment fell 10.8k in August vs. expectations of a gain of 10k. Korea & Philippines left rates unchanged as expected. NZ also kept rates unchanged but said they will likely be raising them in 2014 which has the NZD +0.80%. In a surprise move Bank Indonesia hiked the reference rate by 25 bps to 7.25%. On the Syria front: John Kerry meeting his Russian counterpart in Geneva today in an effort to further explore and gauge the seriousness of their proposal (Politico). Note that the Syrian r