Thursday, August 1, 2013

Morning Memo: Thursday, August 1, 2013

ICYMI...See last night's post re Emerging Markets!!  And share your thoughts with us through our Chat Live feature during NY market hours or with our Contact Form.  Looking fwd to hearing from you!!

"Emerging Markets: Charts to Consider & Contemplate"

 "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!! 
5:30am ET...
  • China official mftg PMI bte (better than expected) @ 50.3, up fr 50.1 the prior month.  The private data from HSBC/Market prelim number was 47.7, lowest reading in 11 months, so this official data is quite a positive surprise....assuming it's legit!).  The market believed the official #s sending Chinese stocks higher.
  • South Korea...CPI highest level in 5 months, but still below target band of 2.5%-3.5%.
  • Asia markets higher on China official PMI data and on yesterday's Fed statement that gave no indication of future slowing of stimulus (ie: tapering).  Japan's Nikkei up 2.5%.
  •'t admits miscalculation of inflation statistic in Q2 '13, revising it down from 0.7% to 0.6%.  Markets believe this adds to possibility of further rate cuts by RBA.
  • Indonesia's mftg PMI slowed to 50.7 fr prior mth 51.0.  While still indicating expansion (>50), there were signs of slowing exports.  Many economist expects GDP to fall in '13 to levels below last yrs' pace of 6.23%.  Gov't expects 6.3%
  • Eurozone mftg PMI highest level in two years.  Germany and Italy factories strong, while Greece showed slowest decline.  European mkts higher.
  • Germany...Machinery orders plunge in June.  Big drop in foreign orders.
  • UK...mftg PMI surges.
  • Spain...embattled Prime Minister is fighting back on corruption allegations.
  • more later.....
  • Bk of England..leaves rates unched @ 0.5% and QE unched.
  • ECB leaves rates unched  @ 0.5%
  • US Jobless Claims... bte (better than expected)..drops to lowest level in five years. (chart below from Financial Times' FastFT).
  • US ISM Surges!!!!July manufacturing index hits high since 8/11.

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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