Morning Memo: Tuesday, September 17, 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...

• The "Summers" rally is over, for now at least.  Yesterday's global equity market rally in response to Larry Summers withdrawing his candidacy for Fed Gov stalled overnight as most markets turned focus to today's FOMC meeting, which should culminate tomorrow with some additional information on 'tapering' plans.
• China...the Conference Board's leading economic index rose in Aug at a slower pace than July showing a deceleration in real estate activity.
• Japan...Nikkei off on stronger Yen.
• European markets also lower in early hours.
• Europe..Car sales in August disappoint, after strong July.  According to the FT, car sales in Europe have fallen 6 of the first 8 months of 2013.  The UK is the exception, with rising car sales for an extended period.
• UK..CPI slowed to an annual pace of 2.6% in Aug from July's 2.7%.  Since Carney's forward guidance was aimed at unemployment, inflation is somewhat second fiddle, but nonetheless, has to stay on course for the Bank's 2% target, which appears to be the status quo.
• Syria..the UN confirms that chemical weapons were used in Syria.  The US is confident that the Assad regime is responsible.
• JPM...reportedly will settle with the SEC on the "Whale" scandel by paying close to $800mm and admitting failures in oversight.
• US..CPI better than expected @ 0.1% m/m, core @ 0.1%, vs 0.2% exp on both.  Similarly, the number for the past 12 months was sub 2%, better than expected and below the Fed's 2% target.
• more later...

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