Thursday, August 8, 2013

Morning Memo: Thursday, August 8, 2013

ICYMI...see our post from late yesterday, a  series of charts of stocks that are on our radar screen.  Please connect with us via Live Chat during NY mkt hours or through Contact Form for more info on any of the stocks in the post:  

What's on our radar screen?

"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.....
  • China...Trade data much better than expected with surge in both exports and imports.  (Coming just one week after Gov't officials promised to stabilize the economy, and despite recent unofficial readings of no improvement in PMI.  Hmmmm.....ok...back from skeptic-ville).  Copper surged on the news of improving China economy.
  • Japan..BoJ announced no policy shift today, but by citing improving economy and a tick up in inflation, the market read that as if we've seen as much stimulus as we're likely to see.  The Yen rallied on the news, Nikkei fell.
  • Korea...central bank kept rates unched for third straight month.
  • Australia...while unemployment rate was unched, which was better than expected, the total number of people employed declined more than expected, showing evidence of weaker economy ahead of upcoming elections. AUD rallied on China data.
  • European mkts showing gains on the open following China's strong trade data.
  • Spain..Industrial Production worse than expected, down 4.6% m/m and 1.9% y/y.
  • Commodities...the cost of sinking commodity prices over recent months is showing up in commodity and mining companies such as RIo Tinto and Vale, both reporting massive decline in earnings due softer commodity prices.
  • US Dept of Justice going after banks (again) filing suits against BofA and investigating JPM for criminal activity regarding mortgage back security sales
  • 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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Additional Disclaimer: currently long many stocks/ETFs including WAG, PAYX, EMC, KYN and C.  Positions may change at any time without notice.

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