EFTA02154660

From: Sent: Fri 11/23/2012 11:08:41 AM Subject: Early Tour 11.23.12 Good Morning ... European Markets mixed... ASX UNCH, KOSPI +0.62%, TWSE +3.10%, SHCOMP +0.58%, HSI +0.77% EUR 1.2894 (+0.14%) JPY 82.30 (+0.24%) NZD 0.8175 (+0.20%) Spain 10yr 5.68% Italy 10yr 4.77% US 10yr 1.67% Futures: Dow +15, Nasdaq +6, S&P +1 DXY $80.61 (-9c) Crude $87.07 (-31c) Gold $1733.80 (+55.60) Copper (-0.07%) Quiet end to the week in Asia with the US closed yesterday for Thanksgiving & Japan closed today for holiday. Taiwan however, was a big out-performer, up the most in almost 6 months on strong volume after the country's Finance Minister called for gov't-controlled funds to buy equities. In addition, SHCOMP managed to squeak out its first weekly gain in 3 weeks — Vice Premier Li Keqiang promises to "deepen reforms" and "transform the pattern of the nation's economic development" — Xinhua News. Over in Europe trading has been range bound as German business confidence unexpectedly rose from a 2 % year low offsetting a deadlock over the European Union budget. After first session of the Brussels Summit, Merkel ruled out an accord until next year deep divisions between "rich and poor countries" kept positions too far apart. Draghi was out trying to calm concems that the ECB won't be overburdened by its bank supervisory role believing it "is the only pragmatic" solution at this time in creating a stronger monetary union. Greece is getting closer to a settlement over next round of bailout funds as main obstacle focuses on plan to reduce interest rates charged by euro-area creditors, which is expected to be settled over the Nov 26 meeting of euro-finance ministers. This weekend Spain holds regional elections & Italy centre-left holding primary to select candidate for prime minister. US futures +1 handle = 1389.20 last ahead of the early 1pm close today. "*US equity markets close at 1pm, US bond markets close at 2pm, Black Friday for US retailers*" OCZ Technology said SEC investigating over customer-incentive program (forced to put off qtrly Ws) German government to buy shares in EADS from France (Handelsblatt) (EADS -2% lowest since Oct 1) French industrial confidence rose from three year low after Hollande cut payroll taxes for next yr S&P said at least 1-in-3 chance France will be lowered again next yr (affirmed AA+ rating today) Abe says FX intervention ineffective, calls on BOJ to address V strength through monetary policy (Nikkei) EFTA_R1_00820763 EFTA02154660 Sony & Panasonic credit ratings cut to junk for the first time by Fitch on slumping TV demand Samsung closed +1.41% after court order for Apple to disclose settlement terms with HTC Taiwan O3 GDP grew at slower pace (+0.98% y/y) than previous ests (reduces pressure to ease) Leading European Sectors: Chemicals +0.63%, Healthcare +0.25%, Food/Bev +0.22% Lagging European Sectors: Telco -0.45%, Utilities -0.44%, Autos/Parts -0.40% KITD delays 10-O/strategic alternatives — TRMB $1.4B credit facility- MAPP fda acceptance Secondaries (announced/priced): PTN, BGCP IPO's: N/A Key Research: GS downgrades ASR, Stifel upgrades PO (buy), JPM upgrades AWC, RBC upgrades CSS CN, BMO initiates LYD CN (op) Key Research: DNB upgrade SONG NO, ABN upgrade AH NA, Exane upgrade PNN LN, Macq upgrade ENI IM Key Research: Nordea downgrade ALMB DC, Natixis initiate LAD LN (r), ING upgrade DE NA, BofAML upgrade BNP FP Key Research: HSBC downgrade FRA GY, Natixis initiate LTO IM (b), Nordea upgrade HMB SS, Natixis initiate PWL ID (n) Key Research: GS downgrade EO FP, GS upgrade FR FP, MS upgrade ILD FP, CS initiate MAERSKB DC (up) Key Research: Bere upgrade TALK LN, Nomura upgrade AH FP, Bere downgrade BN FP, Nomura upgrade SAB LN Key Research: SocGen initiate FSR SJ (s), SocGen initiate SBK SJ (h), Nomura downgrade MEO CY, SocGen initiate NED SJ (h) Key Research: UBS add VOE GY to most preferred, UBS remove ENRC from most preferred, CBK downgrade FLU AV Reporting Pre-Open: No releases EFTA_R1_00820764 EFTA02154661 Economic Data: No major releases Conferences: No major conferences Analyst/Investor Days: N/A Non-Deal Roadshows: N/A Shareholder Meetings: N/A Equity/Mixed Shelfs: SPPI ($250M), BHLB ($150) Other Newspaper Articles tt Stories WSJ positive: Utilities WSJ WSJ cautious: MegaFon IPO WSJ • Fed Stands on the Edge of 'Monetary Cliff' WSJ • Catalonian Calls for Independence Increase WSJ • Downturn in Euro Zone Deepens Further WSJ • U.K. Eyes a Swedish Bank Model WSJ • Auto Lenders Rev Their Engines WSJ • Anglo American Told to Cut Costs WSJ • 'Made in America' Has Its Limits WSJ • Small Businesses Cope After Sandy WSJ • As BMW Is Put to the Test, Its Plans Are Years Ahead NYT EFTA_R1_00820765 EFTA02154662 • Crackdown in Quebec: 'Le Gap' Won't Do NYT • Eurozone business set for grim quarter FT • Scepticism greets Cameron at EU talks FT • Budget's prime function under threat FT • SABMiller — wizard of Oz Lex • DMGT — canny strategy Lex • Investing in China — post-growth pains Lex • Santander eyes US windfall from car finance sell-off The Times • Finance sector could blow up' again The Times • Eurozone 'in deepest downturn since 2009' The Times • Feisty EU Leaders Go Head-to-Head over Budget WSJ • Cyprus 'very close' to signing bailout deal Telegraph • Eurozone's continues to deteriorate at 'alarming pace' Telegraph • UBS faces large fine from Swiss and UK regulators Guardian • Argentina fears default after American court ruling Guardian • China and US manufacturing improves Guardian • A Eltn scandal or money well spent:? EU budget. Guardian Key Events Next Week Monday: Chicago Fed National Activity Index, Dallas Fed Manufacturing Activity, Earnings (BV, SDRL NO) Tuesday: Fed's Beige Book, Durable Goods, Richmond Fed Manufacturing Index, S&P/Case-Shiller Home Price Index, BB&T Consumer, Food, & Retail Conference (NYC), CS Tech Conference (Scottsdale, AZ), Earnings (GMCR, UTI, ADI, ADT) Wednesday: Beige Book, Mortgage Apps, New Home Sales, MS Offshore Exploration Conference (Boston), Jefferies Global Energy Conference (Houston), JOM SMid Cap Conference (NYC), Earnings (PLL, TIVO, ARO) EFTA_R1_00820766 EFTA02154663 Thursday: GDP, Retailers SSS, Kansas City Fed Manufacturing Index, Earnings (KR, TIF, NJR, ZUMZ) Friday: Personal Income and Spending, Chicago PMI, China Manufacturing PMI, MSCI Semi-Annual review This e-mail and any files transmitted with it are confidential and Intended only for the person or entity to which it is addressed. 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