Investors remain somewhat "paralyzed" as a result of the
overhang from Syria, debt ceiling, Fed tapering, Bernanke
succession, German elections, and Italy's treatment of
While there isn't much buying going on, note that selling
pressures remain minimal as well. Risk levels have been brought
down since late July, and now traders are content to sit on the
sidelines until a resolution gets reached on at least some of the
Nevertheless, this is not "new" news, as investors have been
baking in these obstacles since the end of July (with the exception
In overnight trading, the Bank of Japan left policy unchanged
(as expected), and upgraded its assessment of the Japanese economy.
BOJ Governor Haruhiko Kuroda continues to campaign for
implementation of the consumption tax hike. Separately, the Bank of
England also maintained it its benchmark interest rate at 0.5%
Moving over to technology, Samsung jumped ~1.8% following its
new product launch, which was unveiled yesterday (notably, the
smart watch is getting some positive attention).
In general, after weeks of being hammered, technology names have
shown some positive momentum owing to key product enhancements from
Samsung and Sony (
) in addition to M&A from Microsoft (
) and Nokia (
). Apple (
) will be announcing its own product lineup on 9/10, and separately
in Beijing on 9/11. Yahoo (
) has also rolled out a new logo.
Separately, Citigroup is currently holding its technology
conference, and for the most part, companies have either reaffirmed
previous guidance from Q2 or hinted towards possible upside.
IXN 73.19 0.00 0.00
SNE 20.82 +0.01 +0.05
MSFT 31.36 +0.07 +0.08
NOK 5.42 +0.09 +1.69
AAPL 501.50 +2.81 +0.56
YHOO 28.07 +0.29 +1.04
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