- 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.
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!!
Please continue to visit Soos Global Market Musings for updates.
(Sign up to "Follow by Email"! And share with others!)
(Please note: This article is solely meant to be thought provoking and is not in any way meant to be personal investment advice. Each investor is obligated to opine and decide for themselves as to the appropriateness of anything said in this article to their unique financial profile, risk tolerances and portfolio goals).
Disclaimer: Please read and consider important information related to all communication made by Soos Global on this site by clicking here.
Additional Disclaimer: currently long many stocks/ETFs. Positions may change at any time without notice.