Friday, December 27, 2013

Morning Memo: Friday, December 27, 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....after yesterday's US rally, continued firm, closing mostly higher across the board.
  • Japan...Retail Sales rise 4% y/y.  Consumer Prices up 1.2% y/y.  Both were better than expected.   On the other hand, Industrial Production rises 0.1$ in Nov.  and Household Spending  rose 0.2%, both lower than estimates.  Collectively, however, the data shows some economic pickup and stocks rallied off of earlier lows to close near flat.
  • China....reforms continue!  China's telecom regulator announced plans to open up the mobile-services sector to more private businesses with the goal of stimulating more competition and to provide consumers with more choices.  Separately, money market rates calmed at recent levels just over 5%, which gave some relief to markets, hoping to avoid a liquidity driven spike in rates.

  • South Korea....while still confident that the economy will grow in '14, the gov't lowered slightly the GDP forecast to 3.9% from original estimates of 4.0%.
  • Europe...opens higher after having been closed for the holiday.
  • Copper....continued its rally to eight month highs on Thursday.  Earlier this week, a spike in copper prices was blamed on an erroneous trade. 
  • more later....
  • 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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