From: Sent: ri 13 9:53:13 AM Subject: Early Tour 6.28.13 Good Morning ... European Markets mixed +/- 40 bps ... ASX200 -0.18%, NKY225 +3.51%, KOSPI +1.56%, TWSE +2.26%, SHCOMP +1.50%, HSI +1.78% EUR 1.3053 (+0.12%) JPY 99.08 (-0.73%) EUR/JPY 129.32 (+0.85%) AUD 0.9239 (-0.40%) NZD 0.7793 (-0.03%) Spain 10yr 4.82% Italy 10yr 4.54% Portugal 6.39% Germany 10yr 1.72% Japan 10yr 0.85% US 10yr 2.46% Futures: Dow +49, Nasdaq +10, S&P +6 DXY $82.98 (+8c) Crude $97.54 (+49c) Gold $1202.00 (- $9.60) Copper +0.07% Silver +1.39% Most of Asia ended on a strong note as the month and quarter came to a close. Japan led the way, coming out strong and never looking back as Nikkei broke through the recent upper range of 13,600. The Mothers Index (+5.8%) continued yesterday's impressive run and the JPY weakened and briefly broke 99 which helped lend further support. Some positive economic data was released, including the June JMMA manufacturing PMI at 52.3, May preliminary MoM IP at 2%, and retail trade up 0.8% YoY. China and Hong Kong saw strength in mainland developers on speculation that the CSRC may lift a suspension on developer refinancing - allowing developers to issue new shares and bonds to obtain funds for real- estate development and to ease the industry cash crunch. Australia had an underwhelming performance vs the regional strength as the expected end of financial year window dressing was notably absent as the market sold off in the final hour making — still logging a 17% gain for FY13. European markets mixed but generally holding in there into the end of the quarter on a strong hand-off from the US after several Fed officials backpedaled from Bemanke's comments last week (or at least from the market's interpretation of those comments). The ECB is also expected to deliver a fairly dovish message next Thursday. Tech/IT Services underperforming in Europe this morning on some spillover from the Accenture miss after the close yesterday. The annua