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That's the markets kick -- off.
This new month -- third quarter.
Nice positive note without a 150 points -- it -- economic data out during this holiday week we've -- manufacturing is number manufacturing numbers today boy were they good.
Auto sales the ADP employment numbers.
And we wrap up the week on Friday with the official employment numbers for June and those are expected to come -- solid as well so after a bottle and to the second quarter.
What can we expect to market through this week and through the rest of the summer -- the -- Janney capital markets chief investment strategist.
Please welcome to our show -- to take.
-- much think we should be looking at in terms of our investment strategy so mark great to see once again first time this manufacturing number.
It was a nice surprise for the markets and it seems like the polls are really keying into it at least for today.
Well it certainly was a welcome surprise Lori and I I think we come back to a condition were good news is good news once again.
In the fact that we are reading above the boom bust line which helped to make up for the previous reading which was slightly under fifty.
Indicative of manufacturing expanding which is good plays in to what mr.
Burton act he espouses diminishing -- -- -- with regard to.
Economic and labor market conditions so.
We're on the right path at the moment of course Friday will be all important related to.
The employment report and that will be obviously a number market participants are going to be focusing on given the fact that that is really the threshold.
That the Fed has espouses -- going to dictate the pace of their quantitative easing moderating.
So given that do you think if you put it the good news is good news trend door.
Wait for the markets to move will continue or will we return to a bad news of the economy is -- and we're getting some disappointing report specifically nexus with the jobs report for June.
Then -- revert to.
Stock market rally.
Bond yields up.
An expectation of -- and hang -- Think we could have a little bit of that as well because obviously after mr.
Bernanke's comments -- June 19 we have various other fed governors running around talking about the fact that.
Well maybe not so fast you know we could in fact see.
Not only a continuance of their current bond buying regime better perhaps.
Even another tool deployed by the Fed if we see weakening economic conditions but.
On balance you know we think over the course of 2013 we are going to see.
Better economic conditions faster growth if you will also as a consequence.
We remain quite constructive about risk assets namely equities and who would use any kind of pull back we might get on weak economic they -- perhaps up.
Little bit of shock out of China.
As an opportunity to invest as opposed to steer clear of mark I know in terms of geography.
-- -- like -- Europe and Japan what specific investment tools would you recommend going with those geographies.
Well Europe is obviously a basket of countries we see the economic surprise index for Europe continue to climb higher and so that's encouraging leading us to think that perhaps.
With news about positive economic GDP report perhaps.
Not so far later this year.
That will boost sponsorship to European equities.
I would really look -- countries particularly like Germany certainly but also even the peripherals like Italy and Spain where -- can get.
A high quality even in Italy financial institutions.
Or manufacturing -- But I personally think he's NeuStar is stretching mark obviously -- always on a tight time clock here but we know we've been watching the yen spy game.
Very accommodative central banking there in Japan as well so so what what interests you is it because of my situation.
-- -- look -- -- -- simply -- -- which is the equity hedge to Nikkei ETF by wisdom tree.
It's a way to not -- take advantage of that weakened yen which is good for the exporters in Japan but as well they hedge against the dollar yen currency arbitrage and so as a consequence.
We would use the pullback in Japanese -- -- so we've had about fifteen percent still down from.
The recent highs as an opportunity to -- because we think.
They intervention in the bottom by the Bank of Japan is going to remain in place for some time to come got -- great stuff as always mark Cheney thanks so much for joining us thank you.
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