Epstein Secrets

Aug, the S&P has traded at -1220 three times, and each instance has been followed by a consolidation of 7%, 5.5%, & 10% most recently. Overnight the Hang Seng got hit the hardest (-4.23%) after reacting to weaker China Q3 GDP it's (see below) and while the headline read "China growth drops" macro data sti

, Republican Presidential debate tonight*** China's economy grew 9.1% vs 9.3% expected (slowest pace since 09) (Industrial Prod +13.8% beats ests) Moody's says may move outlook on France's AAA rating to negative from stable (BNP.FP -5.8%, GLE.FP -4.9%) German Oct ZEW Survey fell to 3 year low (-48.3 v

Subject: early tour 9.12.11 Date: Mon, 12 Sep 2011 10:26:24 +0000 Good Morning European Markets off 2.0%-4.0% (France -4.1%) Nikkei Closed -2.3% (Hang Seng -4.2%, China closed for holiday) EUR 1.3634 (-0.17%) JPY 77.02 (+0.77%) AUD 1.0341 (-1.23%) EUR/CHF 1.2052 (-0.14%) Copper -1.74% 10yr 1.90%

s would be for the Eurozone (says he is doubtful Greece can be saved from bankruptcy). French banks are trading lower across the board on talk that Moody's may cut credit ratings as soon as next week (SocGen -10.5%, BNP -12.5%, Credit Agricole -9.5%) . EU Bank Index trading -3.95% this morning (now -38%

arious Stock Market Indices 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% DJIA Nasdaq S&P/TSX FTSE 100 S&P/ASX Hang Seng DAX Nikkei 225 comp 200 Source: Golomt Bank As of June 23rd, 2011 YTD 1 Yr 3 Yr MSCI INDEX (FRONTIER MARKETS) 1.16% -21.00% 7.77% MSCI

mscibarra.com 38 EFTA_R1_0 1979483 EFTA02678836 II GOLOMT BANK Sovereign Credit Ratings Foreign Local Currency Outlook Currency Debt Debt Moody's B1 B1 Stable Standard & BB- BB- Stable Poor's Fitch Ratings B+ B+ Stable Should be Stellar! 39 EFTA_R1_0 1979484 EFTA02678837 II GOLO

trading before we get to the FOMC later in the day. Overnight markets are trading with a posit=ve tone across the board led by the TOPIX (+0.8%) and Hang Seng (+1.0%). The release of weaker than expected Japanese IP numbers (1.5% MoM vs 1.8% expec=ed) hasn't dampened sentiment in Japanese equities, and a

B's Joe Lavorgna po=nts out that since October 2012, when the vendor responsible for compiling the ADP survey changed from Macroeconomic Advisors to Moody's, the 2 EFTA_R1_00121221 EFTA01791327 ab=olute forecast miss between ADP and private payrolls has been just 38k. Looking just at the last six mon