Morning Memo: Wednesday, September 25, 2013

NOTE:  Morning Memo will not be published tomorrow and Friday.

"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...mostly lower on the heels of yet another negative day in the US.  Tensions in Washington over the budget and debt ceiling debates are weighing on markets as the Sept 30 fiscal yearend of the US approaches and the fears of a government shutdown grow.
• Australia...was bucked the negativity in other Asian equity markets and traded higher on the back of a strong earnings report by a large retailer, David Jones Ltd.
• Japan..traded lower along w/most of Asia, with focus on the US.  A small-business sentiment survey, however, was up slightly in September fr August, and is at the highest level since '07.  This optimism amongst small businesses is despite the expected hike in the sales tax (a key part of Abe's economic program to help reduce gov't debt) which is meant to be implemented in April (rising from 5 to 8%).
• Europe...generally lower across the board in early hours on the heels of Asia and US.  Focus on US fiscal problem commanding center stage.
• US...Texas Senator Ted Cruz was pulling an 'all-nighter' on the Senate floor, in a filibuster over Obamacare. These kind of theatrics on both sides of the debate are weighing on global markets as a compromise on budget issues seems more remote.
• more later....
• German....consumer sentiment index from GsK slightly better than expected.
• US..Durable Goods rose 0.1%, on stronger auto sales.  Better than expected.  Core capital goods, excl defense and transportation were up 1.5% following a 8.1% drop in July.  Overall slightly better than expected but not very robust data.
•  

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