Chanos put CAT in the litter box....Did it need his help?
Detroit: Polly-anna Pundits vs Muni-Armaggedonistas...."Kentucky Fried Movie" 1977
"Morning Memo" begins below this "NOTE for NEWCOMERS" to "Morning Memo"...... Each morning, we 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!!
- Japan...Abe's LDP party wins landslide election and captures Upper House (already has Lower House). Augurs for full-speed ahead on stimulus! Asia mkts generally higher.
- China...Glaxo admits possible wrong doing in bribery scandal. Other pharma firms under the hot lights too.
- Portugal political crisis deepens. Over the weekend, three main political parties failed to reach a 'national salvation pact' related to international bailout deal. At the center of the issue is fiscal austerity.....and unemployment, currently over 17%. PM rules out snap elections and tries to keep current coalition in place.
- France...riots over the weekend as police enforce 'burka law'..the prohibition on wearing full-face covering.
- European markets opened lower and moved into positive territory ahead of US.
- US..SEC takes up civil charges vs SAC's Steve Cohen. Fed reviews banks' ability to carry and be active in physical commodities. Deutsche Bank to shrink its balance sheet by 1/5.
- more later....
- US Existing Home Sales wte (worse than expected) in June.
- Earnings parade continues...McDonald's disappoints and cites global consumer caution on spending and economic uncertainty.
Please continue to visit Soos Global Market Musings for updates.
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(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 including Caterpillar (CAT) and McDonald's (MCD). Positions may change at any time without notice.
(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 including Caterpillar (CAT) and McDonald's (MCD). Positions may change at any time without notice.
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