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...
HAPPY THANKSGIVING!!!!
- Pre-Thanksgiving....on Wednesday, after the early morning data which included Jobless Claims (better than expected, though excused away due to seasonal adjustment factors) and Durable Goods (worse than expected, especially core capital goods orders), we had more positive news later in the morning in the form of Michigan Consumer Confidence and Chicago PMI (first time over 60 for two consecutive months since Dec'11), which collectively helped give equity markets a boost to the upside w/the Dow closing above 16,000, S&P over 1,800 and Nasdaq over 4,000.
- Brazil..late Wednesday, Brazil's Central Bank raised rates by 50bp to 10%. That's the sixth consecutive rate hike, aimed at fighting inflation. The government meanwhile has been increasing fiscal spending to stimulate the economy. Pressure on inflation mounted w/a weaker Real, made worse by the US 'tapering talk' began earlier this year.
- Thanksgiving Day in the US...markets closed.
- Asia....a strong USD (over 102), weak YEN pushed the Nikkei to a six year high!
- Japan..also helping equities, Retail Sales jumped 2.3% in October.
- China...tensions remain high over disputed islands in the China Sea. US and Korea have flown aircraft in the airspace that China has recently declared to be its own.
- China...announced a draft proposal on reforms to the coal industry, looking to limit production, and adjust tariffs in order to encourage higher quality imports. This is in response to falling coal prices and overproduction of poorer quality coal.
- Thailand...the PM survives a no-confidence vote, while heated protests continue.
- Eurozone....business sentiment higher for the seventh straight month in November.
- Spain...final data out for Q3 shows Spain climbs out of recession in Q3, but just, by +0.1%. Also, Spain's CPI climbed in November, a counter indicator to the recent fears of deflation in Europe.
- Italy..former PM Berlusconi was ousted from the Senate following months of turbulent dispute over his political positions after his tax fraud conviction last summer. Italy's borrowing costs are at the lowest level since April.
- Germany...Unemployment Rate was unched, but the number of jobless claims rose by 10k, more than expected. And registered demand for labor eased.
- Germany..Inflation rose in November driven by the service sector, countered by a decline in energy prices.
- UK...the central bank's program to fund home buying will be cut back (given the recent signs of house prices rising and activity accelerating), and banks will be encouraged to lend more to small businesses.
- more later....
German Nov prelim. CPI rises 0.2% (-0.2 in Oct) m/m, 1.3% (+1.2%) y/y. Charted here against German PMI output prices pic.twitter.com/iMjWjochij
— Markit Economics (@MarkitEconomics) November 28, 2013
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