Tuesday Morning Recap: Positive Tone Following Solid Housing Numbers and GS Earnings

HedgeFundLIVE.com – Morning Notes

– Asian markets closed down over 1% as they were in catch up mode after Monday’s weakness on S&P downgrade of US credit rating
– In China, the HSBC Manufacturing PMI number came in flat m/m- may suggest growth is stabilizing
– In Japan, chipmakers/semi name were weak following TXN’s statement yesterday that the earthquake would slow production in Q2
– European bourses are trading higher
– Fairly strong earnings out of Novartis (NVS) and Burberry
– Positive Eurozone Manufacturing PMI number
– France Services PMI came in at the highest level since September 2000
– Successful Greek bond auction

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