Thursday, October 3, 2013

Morning Memo: Thursday, October 3, 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!!

5:00am ET...
  • opened lower on the heels of US weak performance, then rebounded to close mixed on strong non-manufacturing PMI (official) data from China.  The number for September was 55.4, a six month high, up from 53.9 in August.
  • Asia growth forecasts from HSBC....the FT summarizes a research report from HSBC in which they lowered the growth forecasts for Asia ex-Japan for 2014, but raised 2013.
  • remain strong following yesterday's win by PM Letta in the confidence vote.
  • Europe...service sector PMI data from Markit were generally better than expected and in Markit's words:  "provided further evidence that the Eurozone recovery gathered pace".  Here's a chart that appeared in the FTs fastFT:  

  • US..Gov't shutdown continues.  The meeting late yesterday between the President and  Congressional leaders produced no positive results!
  • more later....
  • LATER:
    • Jobless Claims...better than expected: Up 1k to 308k, but below consensus 313k exp.  Charts from

  • US...ISM Services worse than expected @ 54.4 vs exp 57.2
Please continue to visit Soos Global Market Musings for updates.
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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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