Wednesday, December 4, 2013

Morning Memo: Wednesday, December 4, 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...markets opened broadly lower on the heels of the US selloff and on heightened 'taper' concerns ahead of Friday's NonFarmPayroll data in the US.
  • Japan..the Nikkei lost close to 2% on a strengthening Yen.  
  • China...one of the only markets that traded higher, responded well to reports that the Shanghai Free Trade Zone would begin in coming months.
  • Oil...continues its march higher on word that OPEC is considering production cuts in '14 to ensure prices stay close to $100/brl.
  • Australia...Q3 GDP disappoints, missing estimates, at 0.6% q/q, 2.3% y/y.  AUD fell on the news, which in turn gave a boost to equities, with the hope that the RBA would keep rates lower longer, and a softer AUD would enhance exports and tourism.
  • Europe...seem to shrug off the negativity in Asia, though trading cautiously ahead of tomorrow's ECB and Bank of England meetings.  
  • Europe..Eurostat release shows Eurozone Q3 GDP confirmed at +0.1% vs Q2.The previous Q2 rise over Q1 had been +0.3%.
  •  more later....
  •  LATER:
    • ADP stronger than expected!!
    • US Trade Deficit narrows  in October:  From the Reuters article below:
  • When adjusted for inflation, the trade gap fell to $48.3 billion from $51.4 billion the prior month. This measure goes into the calculation of gross domestic product and suggested trade will again contribute to growth this quarter.

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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