E Tightening Impact

*GlaxoSmithKline won FDA approval for inhaled asthma powder Arnuity Ellipta, a corticosteroid fluticasone fuorate combo taken 2x/day. This is another boost for GSK's respiratory portfolio.

Fund note:

*Albert Ades, the senior emerging markets analyst at BankofAmerica-Merrill Lynch Global Research, has resumed his bullishness on emerging market outlook in today's strategy weekly. He cited steadier exchange rates, better equity pricing, and some accumulation of reserves as an argument for going back into emerging markets. Of course we never left.

By country he favors South Korea thanks to its expansionary budget and central bank easing. Heexpects better growth also in reformist Mexico. He also likes investing in India, Brazil, and Chile, but that is a more widespread view.

*Two notes about our Tencent came via www.seekingalpha.com today. The first signed note says that while TCTZF is unlike potential rival Alibaba in sticking to its core businesses, it is one of the contendors to buy Chinese gas stations fromSinopec. The writer speculates that this may be to distribute e-commerce packages under its new partnership with JD.com.

Bleeker St. Research (an anonymous writer) notes that the hoopla and price rise achieved by China Finance Online Ltd (JRJC) yesterday after it claimed it was providing China's first independent stock-trading platform is based on a lie. In fact, Tencent already has such an on-line Chinese web stock trading platform, lauched in Feb. with a Chinese Mainland brokerage. JRJC rose by 13.4% yesterday on the news and is up 443% YTD, which the probable short-seller wants to fight. Bleeker St. is in Greenwich Village here in NYC.

*Delek Group and operator Noble Energy resumed negotiations to sell Tamar offshore gas to Egypt using the trans-Sinai pipeline to sell $60 bn worth to shuttered Damietta (Nile Delta) liquefaction plants. The talks are expected to result in a contract by the end of this year, according to Bloomberg.

*Singaporean Global Logistics Properties secondary issue of J-Reit shares raised Y34.5 bn ($334 mn). GBTZF is cashing out on its developed country warehouse and logistics sites to invest more in Brazil and China.

*News that Microsoft will be using Opera Software, a Scandinavian firm, to build its Windows smartphones in former Nokia plants in Finland boosted NOK shares by 2.7% today in European trading.

*Thanks to increasing production, IAM Gold has been reducing its core costs per oz of gold to $1333 from $1422 this year, according to Hebba Investments LLC (which shared its analysis with www.seekingalpha.com). This despite taxes which are higher this year than in 2012-3. The analysis calculated the cost per gold equivalent oz excluding writedowns, but adding back all taxes. IAG all-in costs are still higher than those for almost all other gold producers, the report notes, and its debt levels (not analyzed) give Hebba cause for concern longer term.

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