Good Morning on this final trading day of the week. Key China data out overnight. Tune in to get my wrap up on China and China’s Yuan, including updates on Ukraine and Russia.
YOKU released 4Q numbers that showed profitability for the first time in the companies history according to non US GAAP (+0.04c) and were almost breakeven (-0.02c) according to US GAAP.
As one of my Russian brokers said to me when I checked on market sentiment (Russian market), “…it’s been a long day of tape bombs from the Ukrainians, the Russians, the Europeans, the Americans, the IMF, the North Koreans, and former President of Ukraine Victor Yanukovych (I’m waiting for Sean Penn).
Good morning this Thursday February 27. Emerging markets are out performing global markets by 1.6% despite concerns in Eastern Europe. Watch the EEM level as we approach the $40 level once again and be sure to tune and to see how we are play China and what areas are marketing making money.
Be clear, the economic impact of Ukraine crisis is not a fundamental driver for the Ruble. Ukraine sentiment has been responsible for the 75-100bps of weakness but ultimately the Russian economy and CBR policy are what is driving the weakening trend.
Last night Baidu (BIDU, qoute) reported $8.40/share comp EPS for 4Q 2013 which beat the street by a small amount, but the key to the report was a 1Q outlook that gives investors reason to believe more growth is coming.
Copom will meet tomorrow to decide on the next hike (25bps expected) and hopefully sound less hawkish now that they have gotten a little distance on inflation but helped the “real rate” profile.
Suddenly its time for markets to get ready to digest another important employment number as the debate rages on whether the stock market has gotten ahead of the recovery.