"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!!
- Asia...mixed in quiet trading.
- Japan...lower on profit taking after hitting a six-year high yesterday.
- Japan...CPI up +0.9% in Oct, the fifth straight month of increases, showing some evidence of coming out of the 15 year old deflation! This was supported by a government survey earlier this week showing land prices rising in major urban areas in over 2/3 of the areas surveyed. Doubters, however, argue that inflation is rising due to higher cost of imports, esp energy, due to the weaker Yen.
- Japan..Housing Starts in Oct. rose for the 14th straight month (+7.1% y/y), though at a slower pace than Sept (-0.7% m/m).
- Japan...Industrial Production up 0.5% m/m, lower than expected (+2.0%)
- China...tensions grow over disputed islands and airspace. China sent jets into the airspace today, on the heels of yesterday's flyby by US B-52s, as well as jets from Korea and Japan.
- Thailand...protests continue and tensions remain high.
- Europe...generally higher in early hours.
- Eurozone...Eurostat's flash estimate of CPI rises in Nov +0.9% y/y vs +0.7% y/y in Oct.
- Netherlands...loses AAA rating from S&P! Now AA+. S&P cited weak domestic growth and not enough export growth to make up for it.
- Germany...Retail Sales underwhelms at -0.8% m/m, -0.2% y/y.
- France...Consumer spending misses, falls 0.2% m/m in October.
- Italy..youth unemployment at historic high! The overall unemployment rate for Italy remains at 12.5%, while the rate for 15-24yr-olds climbed to 41.2%, the highest in many years!
- more later...
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