Tuesday, October 8, 2013

Morning Memo: Tuesday, October 8, 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...opened lower on the heels of yesterday's US selloff, but recovered on little in the way of news.  China's markets re-opened after a one-week holiday.  
  • China...HSBC services PMI fell from 52.8 in August to 52.4 in September, but still above 50 indicating expansion.  (Last week, by contrast, the gov't's official number for non-manufacturing PMI was reported at a six month high).
  • India...cut rates from 9.5% to 9.0%!  Equity markets rallied.  The Bank of India had been raising rates recently in order to prop up the falling Rupee, but the currency has stabilized since the Fed delayed tapering.
  • Japan..Current Account Surplus plunged in August by over 60%, far worse than expectations of an increase of 18%!  Indicates far less income from abroad on investments, while the trade deficit remained steady.
  • Australia..Business confidence survey hits 3 yr high.
  • Europe...US shutdown jitters still hover over markets with Europe generally lower in early hours.
  • Earnings season begins tonight w/Alcoa after the close.
  • more later..... 
  • Later....

Please continue to visit Soos Global Market Musings for updates.

(Sign up to "Follow by Email"!  And share with others!)

(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).
Disclaimer: Please read and consider important information related to all communication made by Soos Global on this site by clicking here.
Additional Disclaimer: currently long many stocks/ETFs.  Positions may change at any time without notice.

No comments:

Post a Comment