Wednesday, July 24, 2013

Morning Memo: Wednesday, July 24, 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!!  

 5:20am ET....
  • Japan's trade deficit wte (worse than expected) despite weaker Yen driven increase in exports....import cost increases continue to outweigh.  The increase in both exports and imports, however, is testament to a stronger overall Japanese economy.
  • China...Mftg PMI wte, 11-mth low!! (HSBC Flash prelim estimate slipped to 47.7 indicating deeper contracting of mftg sector).
  • India...lower on heels of Reserve Bank of India's move yesterday restricting cheap funding sources to banks as a way to support the Rupee. Rupee rallied to 3-week highs, but stocks and bonds fell.
  • Australia...mixed inflation data leaves RBA next move uncertain.  Headline CPI was bte.  Core CPI was wte (worse than expected).
  • Europe...Markit Flash PMIs for Germany and France bte (better than expected)!  In particular, Germany's #s @ 5-mth highs!
  • IMF..reverses decision on bringing Argentina hold-out case to US Supreme Court.
  • US Gov't expected to criminally charge the firm (not the person) SAC Capital.
  •  more later
 9:10am ET..
  • US..PMI bte!! Rises to four month high.

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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