Asia ex-Japan Morning Research Summary Digging deeper into rising profits Office cycle turned favourable The Hang Seng Index is expected to trade at 24,200 to 24,600 today Consolidation continues; adjust EPS, roll over valuation to 2015E Commodities Weekly The depreciation of the yen under Abenomics will have a disastrous effect on Japan Research Idea: Larger Pipeline, Lower Costs; Initiate at Buy Widening of the Treasuries-Bund yield spread: What if the adjustment also took place via the Bund yield? Where would German and French long-term interest rates go if risk aversion rose again?