Tuesday, July 23, 2013

Morning Memo: Tuesday, July 23, 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!!  

  • 5:31am ET.....(see 7:50am ET updates below)
  • Asia generally higherChina Premier says gov't will ensure economy grows above 7%.  Vice Premier makes similar comments re gov't support for the economy, infrastructure and reform.
  • Japan raises economic outlook again, for the 3rd straight month, this time on heels of LDP (Abe's party) victory in Sunday elections of Upper House.
  • Tepco (Japan) admits radioactive leaks into the sea from Fukushima plant since disaster of Tsunami in '11 
  • Indonesia..Rupiah continues to fall to lows since '09.  Like other EM countries stung by slowing exports and sell-offs of EM assets on the heels of fears of QE ending, recall that Indonesia responded with a rate hike last month (counter-cyclical) to defend currency.
  • UK exports jump to six-yr high in Q2. Augurs for Q2 GDP @ positive 0.6% q/q pace which is in line w/most current expectations.
  • more later....
  • 7:50am ET...
  • Turkey hikes overnight lending rate to support Lira.
  • India...RBI puts curbs on gold imports as a way to support the Ruppee which remains under pressure.
  • Ireland...house prices rise for first time since crash.
  • US...earnings parade continues, highlighted today w/Apple's earnings....more later....

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).
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