Monday, December 2, 2013

Morning Memo: Monday, December 2, 2013 CYBER-MONDAY!!!

ICYMI...If you're just returning from the long Thanksgiving weekend, welcome back!!  The following three recent posts summarize what's been going on.....
"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...mixed markets.
  • Japan...Nikkei ends lower as the USD's recent strength gives back some ground vs the YEN.
  • China...."Let the reforms begin!"  China announced an un-freezing of the IPO market, giving the guidelines and the green-light for IPOs to begin in January.   This triggered some selling in the local Shanghai IndexBut in Hong Kong, the focus was on stronger than expected official November PMI data over the weekend, coming in at 51.4, unched from Oct.  The sub-indexes of new orders and outlook, however, were lower.  Also, HSBC/Markit's PMI data was better than expected at 50.8, up from initial estimate of 50.4, the fourth straight month of rising production.
  • Australia...CPI was up 0.2% m/m in Nov, vs +0.1% in Oct., and 2.4% y/y, raising fears that the RBA's easing may soon be over.
  • Thailand...the Bhat and equity markets fell as anti-government protests turn violent and as the PM rejects demands that she resign.  In addition, inflation data was worse than expected at 1.9% y/y.
  • Indonesia...the 'countercyclical' policies of late, in which the central bank raised rates to fight inflation and to support the currency may be working.  Inflation data was better than expected at 8.37% y/y in Nov, vs 8.48% exp.  Trade also moved to surplus which should help on the current account front.
  • India...HSBC/Markit PMI better than expected at 51.3, first >50 reading since July.
  • Europe...opened lower ahead of PMI data, but is mixed after Eurozone PMI data from Markit came in at 51.6, slightly better than 51.5 exp.  Germany and Italy showed continued expansion, vs France and Spain which remain in contraction.
  • UK..PMI data strongest since Feb '11.
  • Germany...despite the good PMI data, an industry group representing machinery manufacturers reported a 10% decline in orders for October, citing big declines in orders from non-Eurozone countries.  
  • 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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