Thursday, December 12, 2013

Morning Memo: Thursday, December 12, 2013 UPDATED

"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..lower on the heels of yesterday's US selloffFears of Fed "tapering' have grown as it looks likely that the budget deal announced earlier this week will get support, and will remove from the Fed's list one of the reasons they've cited for the need for further stimulus.  The Fed meets next week, Dec 17 and 18.
  • Korea...left rates unched at 2.5% as widely expected.  They had cut rates last May and introduced additional stimulus as a way to offset slowing exports from a weaker global economy and to encourage more domestic spending. 
  • Australia...jobless rate at four-year high, returning to 5.8%, the rate last seen in August.
  • Europe...broadly lower ahead of US Retail Sales data.
  • Ukraine...protests continue over the govt's recent turn towards Russia and away from the EU.
  • Eurozone...Industrial Production falls in October, worse than expected.
  • EU...the European Parliament and the EU member states have agreed on a plan for rules on how to deal w/failed banks that is aimed to put more of the cost on investors and less on taxpayers, yet keep open the 'parachute' of gov't assistance.
  • Italy..CPI slows to 0.7% y/y in Nov from 0.8% in Oct.  (Editorial note:  a factoid to add to the 'deflation' radar screen?)
  • Puerto Rico...Moody's puts its debt on 'review for downgrade' status.  Currently rated Baa3, one notch down would fall into 'junk' designation of ratings.
  • more later.... 
  • Later:
    • US Jobless Claims worse than expected, climbing68k to 368k, but excused away as holiday period distortions.
    • Retail Sales...higher than expected, up 0.7%, led by autos.  Ex-auto also better than expected.But certain categories were light....
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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