July premium – slower life, stronger P&C HK NDR takeaway - we see promising short and long-term prospects Rotations: Bond>Equity (+); EM>DM equity (+); US>W.E. equity (maybe) Daily Futures Fair Value Monitor In-line 1H13 results: good news At an inflection point CTBC FHC (2891 TT) OW: Raising 2013e net profit 21% Japan must press ahead with tax reform：Frederic Neumann's latest op-ed in the Financial Times Energy Monthly Update In-line 1H13 – strong loan growth and margin expansion offset by weaker non-int. income