Thursday, June 27, 2013

Morning Memo: Thursday, June 27, 2013

  • Asia markets higher on heels of US rally yesterday sparked by weaker economic data that augured well for no imminent Fed 'tapering'.  Also on heels of PBoC assuring calmer money market rates.
  • China industrial firms' profits rose 15.% in May and Industrial Output rose 12.3% from Jan to May....both data points helped industrial and material stocks trade up overnight.
  • S Korea current account surplus @ record high in May.  And gov't raises GDP est for yr to 2.7% fr 2.3%
  • Australia traded up on heels of yesterdays victory by Rudd over Gilard for party leadership and PM-ship in advance of Sept elections.
  • India Rupee hits record low.
  • European Ministers reach deal on bank failures....still needs EU Parliament approval.  Calls for shareholders, bondholders and depositors (>100mm Euros) to take first hit in case of crisis before Gov'ts step in to bail out.
  • Mixed data generally positive throughout EZ...Consumer & Business Confidence rose (less pessimism)..German unemployment bte
  • EZ Peripheral country rates continue to rise!  Italian 10s,approaching 5% (4.73% yesterday) fr a low of 3.68% in May.  Spain 10yr, yest @ 4.91%, up fr low of 3.94% in May, broke 5% earlier this week.
  • Jobless Claims... inline...fell 9k to 346k in June vs 355k prior and vs 345k exp.  Continuing Claims drop fr 2.966mm to 2.965mm.
  • Personal Inc up 0.5%, bte (Better Than Expected) vs 0.2% exp.  Spending inline @ 0.3%.  PCE incr 0.1% inline.
  • Pending Home Sales @ three yr high! Much bte!
  • Fed Govs Dudley and Lockhart try to calm markets re tapering concerns.
Each morning, we'll post a short bullet-point list of noteworthy events, data, etc that find their way into the assessment of global markets.  It's far from complete and is not meant to be an exhaustive reconciliation of all things that could possibly impact stocks, bonds, currencies and commodities!  Rather, it's best viewed as a cryptic memo of "highlights", noteworthy items that took place in Asia, European and US hours.....and color-coded 'Red' for seemingly negative impact on equity markets, 'Green' for positive.
This will also serve as a useful review mechanism, as scrolling through the series of "Morning Memo" posts over time ought to summarily highlight what generally drove price action.  

We hope you find this useful and informative....and as always, that you'll share feedback!!
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