Morning Memo: Tuesday, September 10, 2013

"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!!
5:15am ET...

• China..stronger than expected Industrial Production and Retail Sales data boosted Asian markets as the data pointed to stronger exports and domestic demand, and with some economists suggesting that Chinese growth may have bottomed.
• Asia markets up broadly with Nikkei closing up 1.5%.
• European markets open generally higher on the back of strong Asian session.
• Syria...late yesterday, comments from Syrian President Assad in an interview with Charlie Rose, and comments by Putin, appeared to open the door to a possible turning over of Syrian chemical weapons to the int'l community as a way of avoiding a US military strike.  President Obama is still planning on addressing the nation tonight to build support for the military option should a non-military option fail to materialize.
• Italy....Q2 GDP revised down from orig 0.3% to 0.2%.  Also, 10yr Italian debt yield has risen to 4.482%, higher than Spain's 10yr (4.465%), first time since March 2012.  Political tensions rising as Berlusconi, after having been convicted of tax fraud, may have his Senate seat taken away, which could cause his party to leave the coalition gov't of PM Letta.
• Company highlights with possible broader market implications:
• Apple is meant to launch its new iPhone today.  Often this has had an impact on Apple supply-chain related stocks, and the tech sector overall.
• Verizon is planning on issuing one of the largest bond sales ever in an 8-tranche issue across multiple maturities in order to fund its $130B acquisition of Vodafone's stake in Verizon Wireless.
• more later...

Please continue to visit Soos Global Market Musings for updates.
 

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