Reposted:Of Wall Street and Wahlburgers
The chase by Greg Bonnell:
Good morning all. With Frances off to Bonnie Scotland I'll be supplying your daily "morning note" fix. Monday is off to a busy start, with lots to talkabout…
Syria continues to be top of mind for the markets as U.S. President Barack Obama makes half-a-dozen media appearances today to sell his case for a military strike against Syria. Meanwhile in what is a rare occurrence, Syrian President Bashar al-Assad was also seen on American TV presenting his case on CBS and PBS. Recall on Friday that U.S. and Canadian equities plunged after Russian President Vladimir Putin said his country would support Syria in the event of a strike, with weapons. Investors are jittery, and rightly so. President Obama will also address the American people, weary from a decade of war in both Iraq and in Afghanistan,on Tuesday evening. You'll want to keep your eye on oil futures as well on this one, with WTI trading slightly lower this morning.
We're also keeping an eye on your retirement dollars, at least the ones you'll be receiving from the federal government, amid reports the Canada Pension Plan Investment Board is set to make a big move in the retail space. The Wall Street Journal reports that Neiman Marcus is close to finalizing a deal to see itself to Ares Management and the CPPIB for some $6 billion US. Neiman runs 41 stores under the same name across the U.S. and two Bergdorf Goodman department stores on New York's City's Fifth Avenue. Yours truly will be tracking that story today.
If you're a fan of bond roadshows then today is your day. Wall Street is seeking buyers forVerizon's $20 billion US or so bond offering. Big number, yes, but price tag for Vodafone deal is even bigger - $130 billion.
Investors also have some global economic data points to chew on this morning. August exports in China increased more than estimated - rising 7.2 percent from a year earlier (call was for 5.5 percent) - and inflation is staying below government targets. Both are seen as signs of a sustained rebound for China, the world's second largest economy, following a slowdown. Chinese stocks are hitting a three-month high and copper is on the upswing as well.
The Japanese economy grew at an annualized 3.8 percent in the second quarter. This should give Prime Minister Shinzo Abe some support in his push for a sales-tax increase. And Tokyo will host the 2020 Olympic Games, which will give the world's third largest economy a much-needed kick. The yen weakened and Japanese stocks rose following the news.
If you're all about the tech gadgets you're no doubt waiting with bated breath for the latest fromApple. The iPod/iPhone/iPad maker lifts the curtain on its latest offerings tomorrow at 10 a.m.Pacific Time (1 p.m. ET) at its Cupertino campus. A refresh on the iPhone5 is expected, as well as a lower-cost version of the iPhone rumoured to come in at least five colours. Apple is losing market share to the makers of lower-cost handsets - the tech giant doesn't have an offering in that space. Expect that to change tomorrow.
Canadian investors will have fresh building permits data this morning (8:30 a.m. ET release). Call there is for 3.5 percent month-over-month increase for July. Tuesday brings housing startsdata to mull over (expectation is 190K).
Last, but definitely not least… Mark Wahlberg will be in the BNN studios at 4:45 p.m. ET as the actor brings his burger business, Wahlburgers, to Toronto. Now fans of the famously ripped Wahlberg have two reasons to say "yum" when they think of the former Funky Bunch leader. Word is, however, that Mr. Wahlberg will keep the shirt on today. Sorry.
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