Tuesday, August 6, 2013

Morning Memo: Tuesday, August 6, 2013

ICYMI...We'd love to hear from you!!   Please share your thoughts with us through our Chat Live feature during NY market hours or through our Contact Form in the right-hand column.  Looking fwd to hearing from you!!

"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.....
  • Australia cut rates 25bp to 2.5% as widely expected to combat slowing economy due to lower demand for mining related commodities.  AUD hit 3-yr low on Monday, but rallied on the news of the rate cut as the RBA omitted language re additional cuts.  Chart from the Financial Times re AUD: 
  • Thailand...protests expected to erupt over bill in Parliament introduced to grant amnesty to protesters in the 2006 coup which overthrew the then government. Former leader, Thaksin, now in exile, would be allowed to return under the proposal. 
  • Asia markets mixed...Nikkei up 1%, Shanghai and Hong Kong down...disappointing earnings @ HSBC weighed on mkts.
  • UK...House prices rise fastest in three years.  As the Financial Times' fastFT says: 
    Improving UK economy + growing consumer confidence + government-sponsored mortgages = rising house prices
  • UK...Manufacturing output and production numbers better than expected (bte).
  • Italy...Industrial output worse than expected (wte)..Prelim Q2 GDP -0.2% q/q, -2% y/y.
  • US...State Dept tells US citizens to leave Yemen immediately due to terrorist threat.
  • more later.....
  • US...trade gap shrinks to lowest level since '09 on higher exports and lower imports.  Likely to have a positive impact on Q2 GDP when revised.
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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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