Wednesday, August 7, 2013

Morning Memo: Wednesday, August 7, 2013

ICYMI.....Introducing our new Soos Global Investor Letter.  Have a look. Send us feedback.

Introducing: "Soos Global Investor Newsletter"


"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.....
  • Asian equity markets down hard on US tapering concernsFed governors talked yesterday about tapering beginning before year-end.
  • Nikkei falls 4% as Yen hits six-week high, currently 96.97, and on heels of US selloff yesterday. 
  • Late yesterday, US gov't sues Bank of America over $850mm of mortgage backed securities sales, referring to many of the securities as "toxic waste".
  • Europe lower, following US and Asia markets.  
  • Awaiting Bk of England's Carney's quarterly inflation report, looking for 'guidance' talk for the first time on the future path of rates .
  • Iran...Hasan Rohani, Iran's new president, called for "serious nuclear talks", hoping to make progress with the West in order to relieve the economic pain of sanctions. He did, however, stress that Iran will not stop its nuclear program which he claims is for civilian purposes.
  • India..yesterday's announcement that former IMF chief Rajan would lead the Reserve Bank of India helped prop up the Rupee, but only briefly, as it weakened afterwards.
  • Yemen...drone strike kills several militants yesterday.  US embassy is evacuated.
  • more later...
  • UK inflation report not as dovish as had been hoped for.  Carney links easy money policy to Unemployment @ 7%, which could be reached in '16 or sooner.  Essentially says no new QE on deck, just continuation of existing QE in the face of an improving economy.  GBP rallied on the news.
  • Portugal..unemployment fell for first time in two years!  Equity mkt rallies.  Unemployment rate fell from 17.7% in Q1 to 16.4% in Q2.
  •  US...Pres. Obama calls off summit w/Putin!
  • 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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