Wednesday, June 26, 2013

Morning Memo: Wednesday, June 26, 2013

  • Shanghai Stock Exch remains under pressure, though PBoC tries to calm money market rates.  Interbank lending rates dropped after PBoC provided liquidity (allegedly).
  • Asian equity markets mixed, with Nikkei off 1%, but others closer to unched-positive on heels of US data yesterday.
  • Australia...Kevin Rudd returns to power taking PM spot from Julia Gillard in Labor party leadership vote.  She had ousted him in a party revolt in '10. General elections are in Sept where Labor is currently expected to lose (big!) to rival center-right Liberal Nationals.  Rudd will face task of keeping his minority party gov't in office.  Raises political uncertainty.
  • India...the Rupee hits 60, a record low. Bk of India being watched for intervention...none seen yet. 
  • European stocks generally higher early on heels of US data yesterday.
  • Treasuries firm overnight...US 10s @ 2.577%.
  • Gold continues to get hit hard!
  • Italy may suffer billions in losses on restructured derivative contracts dating back to their accession into the Euro in the late '90s!
  • US Q1 GDP revision...cut to 1.8% from 2.4%. Consumer spending rose less than orig estimate.  Personal consumption only up 2.6% vs orig 2.4% est.)

Please continue to visit Soos Global Market Musings for updates.

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