Thursday, July 25, 2013

Morning Memo: Thursday, July 25, 2013

"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!!  

5:30 am ET....
  • China...late yesterday announced stimulus measures including tax cuts and easier bureaucratic processes.  Small supply-side steps to help stimulate the economy.  Railway spending included.  
  • generally lower on heels of listless and heavy US market, Caterpillar (CAT) disappointing earnings and gloomy outlook.....hurt metal, mining and auto stocks overnight.
  • South Korea...growth strongest in two years.
  • Europe...opening broadly lower.
  • German IFO confidence on business current conditions rose in July but the expectations component fell.
  • Spain...train derailment kills 77.  Cause not linked to terror.
  • Spain..unemployment slightly lower, but still at ghastly high level, 26.3% and just under 6mm people.  Those out of work 2+ years rises to 35% of total!
  • UK..Q2 GDP up 0.6% q/q, up 1.4% y/y, in line, and up from Q1 0.3%.
  • more later....
9:15am ET...
  • US Jobless Claims climb 7k to 343k, slightly wte.
  • Durable Goods..headline number strong, bte, but mostly transportation orders!  Prior month revised up.  Ex-transportation, unched, wte, vs +0.3% exp.  Shipments of core capital goods (ex defense and ex trans) fell 0.9%.

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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).
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Additional Disclaimer: currently long many stocks/ETFs and Caterpillar (CAT).  Positions may change at any time without notice.

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