Tuesday, July 9, 2013

Morning Memo: Tuesday, July 9, 2013

  • See our "Strategy Meeting" post below with thoughts on the US employment picture, the "earnings parade" and geopolitical risks.....and look for updates to the "Strategy Meeting" through the week.
  • China....CPI wte (worse than expected) at 2.7% y/y, up from prev mth 2.1%....food price increases were big drivers. Wholesale prices still deflating -2.7%.
  • Asia stocks generally higher on heels of US rally and Alcoa earnings beat.
  • Australia...NAB survey of business conditions hits 4-year low!  Citing weakness in retail, mining and manufacturing sectors despite lower AUD..though exports showing some positive signs.  Expectations for an earlier RBA rate cut grow...August?
  • Greece...aid deal approved
  • UK...positive survey data on housing prices, retail sales and business confidence...shows more momentum in UK economy.  This helped FTSE in early trade..But Industrial Production wte.
  • European stocks open generally higher on Greece bailout deal approval and Alcoa earnings beat.
  • US JOLTS (Job Openings and Labor Turnover)  3.8mm in May, little chged from April and up 1.4% from same mth last year.  With total # of unemployed lower, the total number of 'lookers' per opening has fallen.
  • S&P lowers Italy's l-t rating to BBB fr BBB+, outlook negative.
  • 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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