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Two
secondary economic indicators were reported yesterday: the August Case Shiller
home price index which was up though not as much as anticipated; the ICSC September
weekly retail sales were also up but also not as much as estimated. Not great,
not terrible and no impact on our forecast.
Today
could be wild and woolly with (1) two days of normal trading to catch up on,
(2) several news events [see below] to digest not counting the effects of the
hurricane and (3) it being last day of the month and the fiscal year for many
hedge funds.
That
said, futures are up in premarket trading, though why I haven’t a clue. Maybe its because the European September
unemployment rate rose to 11.6% (Italy unemployment is now 10.8% up from 10.6%
but it still has a way to go until it hits Spain's 25%) even as consumer prices
kept inflation at a steady 2.5% rate, or that French producer prices rose more
than expected even as spending missed expectations, or that Spanish housing
permits collapsed by 37.2% in August from July, or that Greek retail sales
plunged by 7.2% Y/Y and the Greek 2013 economic outlook was cut in the latest
budget with the budget deficit now seen at 5.2% from 4.2% before and that Greece now sees
189.1% debt/GDP in 2013 up from 175.6% in
2012, or that Japan just cut its economic outlook last night after
its manufacturing PMI came at 46.9, the
lowest since 2009 excluding Fukushima, or that UK consumer confidence printed
-30, vs. -28 last and the lowest since April, or that Taiwan slashed its 2012 GDP
forecast from 1.66% to 1.05%, or that nothing has been resolved on the Greek
labor reforms or the now two month overdue Troika bailout, or that insolvent
Spain has still not requested a bailout, or that virtually every company that
has reported revenues in the last two "dark days" missed expectations,
or...............well, you get the point.
Ruling
Greek coalition falls apart (medium):
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