Tuesday, November 19, 2013

Morning Memo: Tuesday, November 19, 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...late yesterday, US markets turned south off of earlier highs on Carl Icahn's comments that equity markets could sell off in a big correction.  This soured the tone going into Asia hours.  The euphoria from last Friday night's release of an outline of the Chinese economic reform agenda appears to have waned.  Offsetting somewhat the negative tone was focus on Yellen's candidacy expected to voted on in the Senate on Thursday, giving markets optimism that Tapering will be postponed.
  • China...Foreign Direct Investment into China rose 1.4% y/y @ $8.4B, down slightly from the prior mth $8.8B, steadying after a stronger rise this past summer.
  • Europe..lower in early hours after weak Asia session.
  • EU...car sales rise in October for the second straight month.  Despite still be at very low levels, and negative on a y/y basis, it does raise hopes that auto sales may have bottomed.
  • Italy...Industrial Orders rise in Sept 1.6%, better than expected on stronger export demand, despite ongoing headwinds from domestic demand, high unemployment, weak credit/lending conditions and fiscal austerity.  Recent stronger PMIs, coupled w/these industrial order numbers augur well for Italy to return to growth in Q4 after Q3's contraction oa 0.1% q/q.
  • Germany..ZEW Indicator of Economic Sentiment climbed to four year high in November.  Current conditions component, however, slipped.
  • more later....

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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