First REIT ：Growth Story Intact – Higher debt ceiling a boost Mid-term Concerns Dominate Asia HY: Event driven and Stressed names Strong Backlog for 2H Not yet seeing end of the tunnel FII Positioning at Extremes – Refiners and Upstream near all-time highs; Metals near all-time lows Regional Morning Notes Vallianz wins $458 mn OSV jobs in Middle East;Mexico expectation miss on oil auction OTC drugs may be phased out of the national reimbursement list - positive for Rx drug companies Initiate at BUY; Good catalysts from national strategies