Morning Memo: Friday, July 12, 2013

• China's FinMin comments that '13 average GDP will be 7% (down from official 7.5%).   Was this an official change in GDP expectations?  Shanghai stocks close lower.  China's Q2 GDP due out early next week.  Exp = 7.3%, down from 7.7% in Q1.
• Asian markets elsewhere mixed w/Nikkei and Australia higher on US momentum since Bernanke's "rates will stay low longer" comments on Wednesday afternoon.
• Ireland l-t credit outlook upped to 'positive' from 'stable by S&P.
• European mrkts generally higher and bonds rallying...including peripherals w/ Italy 10s @ 4.44% down 4bps and Spain @ 4.72% down 9bps.
• more later....
• (Later...) France credit rating downgraded bo AA+ fr AAA by Fitch.
• Fed President Plosser says tapering in Sept and finish by y-e...don't want to create another housing bubble.
• Michigan Consumer Sentiment 83.9 vs prior 84.1 and 85 exp.
• .US PPI wte due to energy pxe hikes...highest jump since February..  Ex food & energy inline.
  

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