Monday, July 15, 2013

Morning Memo: Monday, July 15, 2013

  • China Q2 GDP inline @ 7.5%, but is second consecutive quarter of slower GDP, putting 2013 official target of 7.5% at risk.  
  • Markets rally in relief that China GDP wasn't worse given FinMin comments last week re possible 7% number.  
  • AUD rallies on China data.
  • UK house prices rise again in June...survey shows +0.3% m/m w/ London asking pxes up 12% y/y.
  • GlaxoSmithKline under investigation in China for bribing officials to boost drug sales.  Four execs arrested.
  • European shares open higher on GDP data.
  • more later....
  • US Retail Sales...lte (lower than expected) @ 0.4% vs ).9% exp.  Big jump in auto sales helped lift overall number.  Ex auto unched vs +0.6% exp., wte (worse than expected).  Sales rose in home furnishing, pharm, personal care, clothes and hobbies.  Sales fell in home-improvement stores, bars and restaurants (aren't these the sectors where employment growth was strongest in recent payroll data???)
  • Citigroup earnings beat!
  • Empire State mftg survey beats!    The general business conditions index rose to 9.5 from 7.8 in June, and components measuring new orders and shipments turned positive.
Please continue to visit Soos Global Market Musings for updates.

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