Tuesday, October 15, 2013

Morning Memo: Tuesday, October 15, 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...

  • Asia...markets generally higher on the back of a strong US close following talk of progress in the Senate negotiations on the debt ceiling and budget.  A cancelled meeting between the President and senior Senators was seen as a good sign that Senate leaders needed more time to finalize a deal before meeting with the President.
  • China...stronger than expected monthly bank loan data pushed mkts higher.  Suggests stable and still growing economy, yet not strong enough to warrant central bank tightening near term, according to many street analysts.
  • Japan and Hong Kong returned from long weekends and greeted optimism on US debt ceiling and budget negotiations with up moves.
  • Australia...RBA minutes from Oct 1 meeting suggest more rate cuts in the offing to counter slowing mining sector and to  promote growth in other sectors. Rates currently at 2.5%
  • Europe..generally higher on US debt ceiling and budget talk progress.
  • UK...House Price index hits record high. And Inflation data is slightly higher than expected @ 2.7% vs 2.6% exp, but deemed stable by many.  Sterling strengthened and bond yields climbed.
  • Germany...ZEW economic sentiment survey at highest level since '10.
  • Earnings...the 'earnings parade' picks up in earnest today and through the rest of the week. 
  • Commodities...Gold hit 3mth low in early European hours.  Copper and Iron Ore production numbers from Rio Tinto showed strong output of both, raising talk of supply driven softening in prices.
  • more later....
  • Later:
    • Empire State Manufacturing Index slows in October more than expected.  Registers @ 1.5% vs exp of 6%! 

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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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