In The Markets:
China’s Big News: Global investors held their collective breath over the weekend hoping the country’s economic data released on Sunday would show the economy merely slowing down not grinding to a halt. Well Christmas came in July. China’s GDP for Q2 was the lowest since 1991 due to weak trade; however it came in at 7.5% still within the government expectation and guideline.
Conflicting… That is the word we would use for two pieces of US economic Data which were released Monday. First up, Retail sales up 0.4% in June however, the numbers were weaker than expected. Next comes the NY FED Empire State Index. The index, which gauges the conditions for New York manufactures, rose in July to a better than expected 9.5 from 7.8 in June.
Watchin you… The FT (Financial Times) reported Apple has gone on a hiring spree to help tackle design issues on its I-Watch project. Design issues may push the launch of the iWatch to the latter half of 2014.
Citi Sunshine.. Citi group posted better than expected Q2 profits beating estimates. An increase in Citi’s Investment Banking arm propelled Citi profits higher to $1.35 EPS (Earnings Per Share) vs. $1.18 a share estimated EPS. Citi has tried to become a lean mean fighting machine by cutting cost, laying off workers, and scaling down branches. Citi’s report did have one downer. . the consumer. The bank has seen its consumer banking revenue start to dwindle. Citi funded and serviced fewer mortgages in Q2 and sees the trend continuing.
Price Break.. Microsoft has slashed the price of its Surface tablet by $150.00. The price cut brings the Surface to $349 without the cover which also acts as a key board.
In The Markets:
Asia: A boast in export stocks and gains in Wall Street propelled Asian markets into the green Tuesday.
Europe: European stocks rallied as investors breathed a sigh of relief over China’s GDP and economic data.
US: US Markets continued their record high winning streak Monday closing modestly in the green. Better than expected Citi earnings offset choppy US economic data. DJIA: +19.96 15484.26 NASDAQ: 3607.49 + 7.41 S&P 500: +2.31 1682.50
In Dinner or Drink:
Today we choose a drink to help us all celebrate Citi’s spreading sunshine on the markets Monday.
1 oz triple sec
2 oz sweet and sour mix
4 oz ginger ale
Smirnoff® Orange Twist vodka
Shake light rum, triple sec, sweet and sour mix, and ice in a cocktail shaker. Drop a maraschino cherry into the bottom of an old-fashioned glass and add contents of the cocktail shaker. Fill remainder of glass with ice and top with ginger ale. Garnish with orange twist.
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