Tuesday, October 22, 2013

Morning Memo: Tuesday, October 22, 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...markets mixed ahead of today's US Non-Farm Payroll data for September.
  • China...soaring new home prices, highlighting fears of a housing bubble, sent Chinese markets lower, and put a damper on otherwise positive sentiment in other markets.
  • Australia...equity markets hit new highs on ongoing optimism about China's economy (Australia's largest trading partner) and on guidance by BHP that iron production will be higher than earlier expected indicating economic optimism.
  • Europe...quiet open ahead of US jobs data.
  • Of note:
    • several tech firms will be releasing new 'tablets' and 'phablets'  (combination of smartphone and tablet) today.  Will likely raise focus on related equities.
    • Netflix's strong earnings and guidance sent the stock soaring in after-hours.  Focus will likely be on other internet businesses.
  • more later...
  • Later:
    • US..Non-Farm Payrolls for Sept @ 148k vs 180k exp, but August and July revisions added another 9k net.  Unemployment rate, one of the Fed's target metrics, dropped to 7.2% with the Participation Rate staying steady @ 63.2%.  The broader measure of un- and under-employed, U6, also dropped slightly to 13.6% fr 13.7%.  Overall, suggestive of continued slow, steady improvement in the the labor market  Initial market reaction was higher. 
    • From MarketWatch.com, some pictures to tell a thousand words (hit the link in the embedded tweet below to see several key jobs-related charts:

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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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