Friday, August 30, 2013

Morning Memo: Friday, August 30, 2013

ICYMI...Later yesterday, we posted our latest in the series on the 'Obesi-fication" of America.  Take a look!  Share with others!!   Comment back to us!!  Thanks.

The "Obesi-fication of America": Part 2- DaVita HealthCare Partners (DVA)-Congress May Not Trim All The Fat


"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 a.m. ET....
  • Late yesterday, the UK gov't of David Cameron lost a vote in Parliament to take action against Syria!!  Equity markets initially appeared relieved by the news, though it leaves the US preparing to act without much company.
  • Asia....UK's stepping back from supporting an attack on Syria sent gold prices lower and led to mixed equity markets with Nikkei off by 0.5%, but other markets slightly higher ahead of the long weekend in the US and in the context of monthend portfolio adjustments (aka 'window dressing').
  • Japan inflation highest level in five years as Yen pushes up prices of imported goods.  The Nikkei, however, did not respond well as there was little sign of strong domestic growth, rather, mostly from exports.  July CPI rose 0.7% y/y vs 0.6% exp.  Industrial Production data fell short of expectations @ 3.2% vs 3.6% exp.
  • India..Q2 GDP disappoints @ 4.4% y/y vs exp of 4.6% and previous quarter's 4/8%
  • German retail sales disappoints, falling 1.4% vs expectations of a rise of 0.5% m/m.
  • Italy..unemployment eases to 12%, slightly better than expected (record high was hit in May @ 12.2%) but youth unemployment rises to 39.5% up from 39% in June.
  • Eurozone Unemployment rate @ 12.1% in July, stable vs June and up from 11.5% last year.
  • Eurozone Inflation data better than expected at 1.3% vs 1.4% exp.
  • US..Michigan Consumer Sentiment in August revised up to 82.1 vs 80.0 exp.but fell from July's reading of 85.1.
  • US..Personal Income in line @ +0.1%, Spending disappoints @ up 0.1% vs 0.3% exp.
  • more later.....

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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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