Morning Memo: Tuesday, September 24, 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...

• Asia..equity markets generally lower on the heels of yesterday's US selloff.  Last week's post-Fed no-taper move euphoria for global equity markets and especially for EM currencies appears to have been short-lived.
• Indonesia...Rupiah hits new multi-year low!
• Among the very few bright spots in Asia trading were some firms related to Apple's (AAPL) supply chain, after Apple's stock rallied 5% yesterday on word that weekend sales of the new iPhone had exceeded expectations.
• European...equity markets opened slightly higher, ahead of German IFO business sentiment survey.
• Germany...IFO survey for September @ 107.7, slightly lower than expected.  Current-conditions came in lower than expected, but forward-expectations were more optimistic.
• Banks...reports of more lawsuits coming against JPMorgan (JPM) (and others) for mortgage related securities.  This is in addition to yesterday's news about Federal charges against a group of banks for the Libor pricing scandel.  Citigroup (C) announces 1,000 job cuts from its mortgage business as higher rates slow down mortgages and refi's.
• more later....
• US..Case Shiller home prices in line @ a y/y incr of 12.4%.  But the pace of month-over-month increases is slowing. 
• US..Consumer Confidence (Conference Board) in line, but lower in Sept fr Aug.
•  

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