EFTA02134627

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 annual Russell Rebalance is on the close today in the US so will be big volume/volatility on the closing prints. June is tracking to be the busiest volume month in the US since May 2012. SPA's +6 handles = 1612 last. ***BBRY reports pre-open, Michigan Confidence @ 9:55am*** ***China NBS & HSBC manufacturing PMI out Sunday night*** • Accenture profit up but cuts eps view & sales forecast missed estimates (trading -6%) EFTA_R1_00782164 EFTA02134627 • Nike Q4 profit up 22% beating estimates as sales jumped in US (guidance ok) (trading -2%) • Pfizer boosts share buyback by $10 Billion (keeps repurchase strategy as best use of cash) • Adobe to buy privately held Neolane (digital marketing company) for -$600 million in cash • CFTC sues Jon Corzine in complaint filed yesterday for failure to supervise employees at MF Global • Clariant confirms mid-term 2015 targets at its CMD, current year environment to remain difficult (trading -0.67%) • SGL Carbon issues big profit warning for the second time this year, blames competition in Asia (trading -6.8%) • Imtech: AGM started earlier this morning, hearing lending desks seeing ongoing recalls (trading +1.5%) • Peugeot family doesn't intend to sell its stake according to BFM citing unidentified sources (trading - 2.8%) • France Telecom union says CEO should consider Marco Telecom bid in a letter dated June 25 (trading -0.97%) • Air France's short-mid haul performance is not improving according to an article in Le Tribune (trading -3.9%) • Pearson says the FT not for sale after report of Murdoch interest (integral part of professional division) • Serco trading statement looks relatively inline, on track to meet 2013 expectations (trading +4.4%) • Spanish Banks: BoS clarifies dividend policy in statement (not to exceed 25% cash payout in 2013) • Germany May retail sales +0.8% m/m versus estimate +0.4% (+0.4% y/y versus estimate +0.2%) • ECB denies the Sueddeutsche article they are discussing additional bond-buying across 17 EU states Leading European Sectors: Tech -0.82%, Healthcare -0.75%. Chemicals -0.31% Lagging European Sectors: Real Estate +0.86%, Autos/Parts +0.72%, Fin Services +0.56% CAMP Ws better — CSTR new symbol (OUTR) Jul 2 — MCP positive sec result Secondaries (announced/priced): STLN SW (rights) EFTA_R1_00782165 EFTA02134628 IPO's (filed): CBS Outdoor Americas (1579877) files $100M, Marlin Midstream Partners (FISH) files $150M through Stifel & Baird IPO's (priced): Prosensa (RNA) 6M shares priced at $13, Aratana Therapeutics (PETX) 5.5M shares priced at $6, Noodles & Co (NDLS) 5.36M shares priced at $18, Silvercrest Asset Management (SAMG) 4.79M shares priced at $11 IPO's: IBEX LN, MATAS DC, KGX GY, Ocean Yield books closing today US Key Research: Jefferies initiates OCN/PMT/WAC (buys) & NSM/PFSI/PHH (holds), Roth re-establishes BDE (neut) • Opco initiates ZINC (op) & PANW/HXL (perform), SocGen initiates CTSH (buy) & INFY (hold) • Ascendiant initiates AMSC (buy), Stifel initiates ANN (hold), UBS downgrades ACN FBR initiates DCO (op), Raja upgrades FFIV, B. Riley initiates MOVE (buy), • RBC initiates TMK (up), Wedbush initiates TSLANECO (neut), KBW upgrades BXS (mp) Europe Key Research: Citi upgrades European Insurance to overweight, GS adds DGE LN & UNA NA to CL Buy, Citi upgrades GNK LN • SocGen upgrades BVIC LN, JPM initiates GN DC (ow) & downgrades HSV LN, DB upgrades VOD LN • Exane downgrades HNR1 GY & MUV2 GY, Kepler says stay underweight Telecom sector, Kepler reits sell PSON LN Exane upgrades SDR LN, Commerzbank upgrades DEX GY and downgrades G1A GY, CS reits buy TSCO LN • Nomura downgrades HEIA NA, MS assumes coverage: EDPR PL (ow), AMS SM (ow), ASML NA (ow) • ABG downgrades SUBC NO, Akros upgrades IPG IM, Berenberg intiiates FBD ID (buy) • DB downgrades BA/ LN, Equinet upgrades FRA GR, GS upgrades YKBNK TI, ING initiates SIP BB (h) • JPM upgrades DEB LN, Kepler initiates IPG IM, Enskilda upgrades IJ SS, SocGen initiates INFO IN (h) EFTA_R1_00782166 EFTA02134629 • MainFirst initiates LUX IM (op), SFL IM 9op), Prada (op). SFER IM (op), TOD IM (up), BC IM (up) 'r MainFirst upgrades KER FP and downgrades CFR VX & RMS FP, SocGen initiates PMI IM (h) Reporting Pre-Open: AZZ, BBRY, EMMS, FINL Economic Data: NAPM-Milwaukee © 9am, Chicago PMI © 9:45am, U. of Michigan Confidence © 9:55am Fed Speakers: Stein @ 8am (NYC), Lacker 9:15am (White Sulphur Springs, WV), Pianalto 12pm (Wheeling, WV), Williams 3:30pm Williams (Rohnert Park, CA) Conferences: No major conferences Analyst/Investor Days: N/A Non-Deal Roadshows: CSGP, CWCO, DSCI, LNDC, TYL Shareholder Meetings: QBAK, AGNC, BBBY, ESMC, PLUG, MDVN, BKFG, ROYL, SPPI Equity/Mixed SheIfs: IRET S&P 500 change (after close): News Corp (NWSAV) replaces Apollo Group (APOL) S&P 400 change (after close): Apollo (APOL) replaces Forest Oil (FST) Other Newspaper Articles & Stories • Bill Gross: "The Bond Market Ship Is Not Sinking" Barron's • China's central bank assures financial markets FT • UK industry closes on Mittelstand FT EFTA_R1_00782167 EFTA02134630 • Immigration reform bill clears US Senate FT • Flat Japanese consumer prices aid Kuroda FT • CVC attracts pledges of 614bn in six months FT • Sports Direct in talks with Tesco over sharing space FT • GDP revisions leave UK economy further from recovery FT • Industry asked to curb peak power use FT • Iran, Russia and China prop up Assad economy FT • Fed big-hitters seek to quash QE fears FT • Napster co-founder attacks online media 'jackals' FT • Bank fees rise 9% despite dealmaking dip FT • Morgan Stanley: money to play with Lex • US homebuilders: Fed taketh away Lex • Bombardier: CSeries delay Lex • Prosperity fuels protest in the new age of unrest FT (Comment) • Britain let down by its bean-counting politicians FT (Comment) • Ignore the pessimists — central banks are helping FT (Opinion) • China could reform its state businesses by stealth FT (Opinion) • Yes, he played dirty — but Marc Rich also changed the world FT (Opinion) • European Leaders Find More Funds for Youth Jobs WSJ • Peugeot's Troubles Are Piling Up WSJ • Corzine, O'Brien Charged in MF Global Collapse WSJ • Chinese Wind-Turbine Maker Indicted in U.S. WSJ • Captive U.S. Factory Executive Released WSJ • China to Speed Efforts to Loosen Capital-Movement Restrictions WSJ • Banking, Brussels-Style WSJ (Opinion) • China's Reform Moment WSJ (Opinion) • Defenestration Down Under WSJ (Opinion) EFTA_R1_00782168 EFTA02134631 • Sharpen up or be punished, mobile phone insurers told The Times • House prices in fastest rise for three years The Times • Double-dip? No, it was much worse than that The Times • 'Zip it Camey' — but traders warning sure to fall on deaf ears The Times • Winnebago sales soar as Americans recover urge to hit the road The Times • Cut the welfare bill. Pay people proper wages The Times (Opinion) • America's people should rule, not its Justices The Times (Opinion) • A lost generation: Europe's unemployed youths face years trapped in a spiral of poverty and exclusion Independent • Ex rugby ace trades place with Tory hedge fund millionaire Independent • QE 'could be back' as officials say recession was worse than thought Independent • Millions of middle-class workers face higher taxes to cut the deficit Telegraph • Church of England bids for RBS branches Telegraph • China and Britain have their differences but they also have a lot to offer each other Telegraph • IMF chief Christine Lagarde hopes fund's work in Europe will be appreciated Telegraph • New Bank of England govemor readies institution for 'significant change' Guardian • Talk the austerity talk, just don't walk the walk Guardian (Comment) Key Events Next Week Monday: Construction Spending, ISM June manufacturing, Mark Carney takes over as BOE Governor, Euro June PMI manufacturing, Earnings (API, XTRX) Tuesday: ISM New York, Factory Orders, Vehicle Sales, RBA rate decision, China NBS & HSBC non- manufacturing PMIs, Earnings (STZ, AYI) Wednesday: US markets closet 1pm, ADP Employment Change, US Trade Balance, US non- manufacturing June ISM, Germany hosts labor summit, Eamings (ISCA) EFTA_R1_00782169 EFTA02134632 Thursday: US markets closed for Independence Day, BOEIECB rate decisions, Jobless Claims Friday: June Employment Report, Banks to submit mid-yr stress test result to Fed Key Events on the Horizon July 10 — Fed Minutes from June 18/19 FOMC meeting July 11 — BOJ rate decision July 21 — Upper House elections in Japan July 31 — FOMC rate decision August 1 — BOE/ECB rate decisions August 21 — Fed Minutes from July30/31 FOMC meeting September 5 — BOE/ECB rate decisions September 18 — FOMC rate decision September 22 — German elections EFTA_R1_00782170 EFTA02134633 • n Blvd ( Stamford, CT 069011 This e-mail and any files transmitted with it are confidential and intended only for the person or entity to which it is addressed. If you are not the intended recipient, you are hereby notified that any dissemination, distribution or copying ' nd any attachment(s) is strictly prohibited. If you have received this e-mail in error please immediately notify the sender at or by replying to this e-mail and delete the e-mail and any attachments) from your system. Nothing herein shall be constru as a inancial promotion to any person or persons, or a solicitation or recommendation to buy or sell any security or other investment or to engage in any trading strategy. Information presented is from sources believed to be reliable, but is not guaranteed to be accurate or complete. This information should not be taken as an offer nor as a solicitation of an offer to buy or sell securities or other financial instruments. Email transmission cannot be guaranteed to be secure, timely or error free. Tourmaline Partners. U.0 may review and store both incoming and outgoing messages. Use by other than the intended recipients is prohibited. EFTA_R1_00782171 EFTA02134634