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Information Articles for the Clarksville TN and Montgomery County Tennessee area

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Information Articles for the Clarksville TN and Montgomery County Tennessee area

The Weekly Market Snapshot from Frazier Allen for the week of November 18th

November 21, 2011

Weekly Market Snapshot

Market Commentary by Scott J. Brown, Ph.D., Chief Economist

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

The economic data reports were mostly stronger than expected, consistent with moderate growth in the near term. Retail sales rose more than the consensus forecast in October. Industrial production picked up, partly reflecting an increase in mining, but automobile production improved. Residential construction numbers were mixed, but suggested a modest uptrend in single-family activity (still at very low levels). As expected, the October inflation reports reflected lower energy prices. Core inflation was mild.

Tensions continued to heat up in Europe, with increased calls for the European Central Bank to step in as the lender of last resort. However, the ECB continues to reject that role. Borrowing costs for Italy, Spain, and France rose, but fell back a bit at the end of the week, as Greece and Italy made some progress in addressing their budget situations. [Read more]

The Weekly Market Snapshot from Frazier Allen for the week of November 14th

November 14, 2011

Weekly Market Snapshot

Market Commentary by Scott J. Brown, Ph.D., Chief Economist

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

Anxieties about Europe intensified as borrowing costs in Italy ramped up, generating worries about the country’s ability to roll over its existing debt. U.S. investors relaxed toward the end of the week on signs that the Italian government was making some progress on austerity efforts. However, a further meltdown in Italy is a huge risk for the euro zone and for the global financial system. Much depends on whether the ECB will signal a more substantial backstop for Italian debt, but that does not seem likely at this point.

The economic data calendar was sparse. The trade deficit was narrower than expected in September, implying (all else equal) an upward revision to the third quarter GDP growth figure (+2.5% in the advance estimate). However, wholesale inventories were much lower than anticipated, implying (all else equal) and downward revision to the GDP estimate. Consumer sentiment improved in the mid-November assessment. Jobless claims moved below the 400,000 level, but the figures are a bit suspect at this time of year due to difficulties in the seasonal adjustment. [Read more]

APSU’s 2011 Homecoming features two sports events open to public

October 27, 2011

APSU Homecoming

Austin Peay State UniversityClarksville, TN – The Austin Peay State University National Alumni Association will sponsor both a golf tournament and 5K scholarship run during Homecoming 2011, and those will be open to the public.

The 33rd Annual Homecoming Golf Tournament will be at 8:00am, Friday, October 28th at Swan Lake Golf Course. Cost is $60.00 per person, and advance registration is required. Fee includes ditty bag, refreshments on the golf course and light lunch. The event, sponsored by Budweiser of Clarksville, is chaired by alumnus Frazier Allen (’99). [Read more]

The Weekly Market Snapshot from Frazier Allen for the week of October 23rd

October 23, 2011

Weekly Market Snapshot

Market Commentary by Scott J. Brown, Ph.D., Chief Economist

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

The economic data were mixed, but consistent with lackluster-to-moderate growth in the near term (no recession). Headline inflation figures for August were boosted by higher food and energy costs, but the core CPI rose modestly. The 2012 adjustment to Social Security payments will be 3.6%, following no change in the last two years. Housing starts jumped 15% in September, reflecting the usual volatility in the multi-family sector – single-family building permits, the key figure in the report, edged down 0.2%.

The financial markets looked past the economic data, focusing instead on earnings reports and Europe. European leaders said that a plan to address the region’s problems would not be finished by Sunday, but may be completed following a second summit, by Wednesday at the earliest. The global markets have reacted to reports of bickering as the plan is cobbled together, but remains encouraged by the strong rhetoric by Germany’s Merkel and France’s Sarkozy. [Read more]

The Weekly Market Snapshot from Frazier Allen for the week of October 9th

October 9, 2011

Weekly Market Snapshot

Market Commentary by Scott J. Brown, Ph.D., Chief Economist

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

The economic data were mixed, but consistent with lackluster-to-moderate growth in the near term. Unit auto sales rose more than expected in September. Nonfarm payrolls rose by 103,000 (more than expected, but the increase including the return of 45,000 workers who were on strike in August), with a net upward revision of +99,000 for July and August. The unemployment rate held steady, but would have edged lower if not for an increase in labor force participation (the employment-population ratio edged up, but has been little changed over the last year. Chairman Bernanke said that the Fed’s asset maturity program (Operation Twist) should “put downward pressure on longer-term interest rates and help make broader financial conditions more supportive of economic growth.” He told lawmakers to tighten the federal budget over the long term, but cautioned them “to avoid fiscal actions that could impede the ongoing economic recovery.” [Read more]

APSU Homecoming 2011 is October 24th-30th with the theme ‘Jurassic Peay’

October 5, 2011

Austin Peay State UniversityClarksville, TN – Austin Peay State University will celebrate Homecoming 2011 with the theme, “Jurassic Peay.”

Homecoming is October 24th-30th. Here is a list of events planned as part of the weeklong celebration. Many of the events are open to the public. [Read more]

The Weekly Market Snapshot from Frazier Allen for the week of October 2nd

October 2, 2011

Weekly Market Snapshot

Market Commentary by Scott J. Brown, Ph.D., Chief Economist

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

The news out of Europe was better. Leaders expressed a greater resolve to overcome the region’s difficulties and keep the euro intact. Germany’s parliament approved (by a wide margin) an expansion of the European Financial Stability Facility. However, the strains remain. There is a long and bumpy path ahead and the markets are expected to react to the news day by day.

U.S. economic data were mixed, but generally better than anticipated. The government’s third estimate of second quarter GDP growth was revised higher, to a 1.3% annual rate vs. +1.0% in the second estimate. The second quarter is pretty much ancient history at this point, but consumer spending and business fixed investment were both revised higher. The advance report on durable goods orders showed a pickup in shipments of nondefense capital goods ex-aircraft in August – suggesting that business fixed investment will post a strong gain in 3Q11 (not surprising, as corporate profits are a major driver of capital spending, and profits were at a record high in 2Q11). Consumer confidence remained depressed in September (after sinking in August), with continued pessimism on jobs. Weekly jobless claims fell unexpectedly in the latest week, but seasonal adjustment makes the figures unreliable. [Read more]

APSU’s 2011 Homecoming features two sports events open to public

September 23, 2011

Austin Peay State UniversityClarksville, TN – The Austin Peay State University National Alumni Association will sponsor both a golf tournament and 5K scholarship run during Homecoming 2011, and those will be open to the public.

The 33rd Annual Homecoming Golf Tournament will be at 8:00am, Friday, October 28th at Swan Lake Golf Course. Cost is $60.00 per person, and advance registration is required. Fee includes ditty bag, refreshments on the golf course and light lunch. The event, sponsored by Budweiser of Clarksville, is chaired by alumnus Frazier Allen (’99). [Read more]

The Weekly Market Snapshot from Frazier Allen for the week of September 18th

September 18, 2011

Weekly Market Snapshot

Market Commentary by Scott J. Brown, Ph.D., Chief Economist

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

Europe was the dominant factor for the markets, with fear (early in the week) giving way to some optimism (or at least, less pessimism) after European leaders expressed support for Greece and the euro, the BRICs offered some support (in buying European debt), and central banks announced dollar liquidity-providing operations. At this point, we’ve had more words than action. The news out of Europe is likely to vary over the next few weeks, which should have some day-to-day impact on the U.S. stock market.

The economic data were disappointing, although stock market participants did not seem to care. Retail sales were flat in August and figures for June and July were revised slightly lower. Industrial production rose modestly in August, restrained by a drop in the output of utilities (cooler weather) and supported partly by a gain in motor vehicle production – results were mixed across industries. [Read more]

The Weekly Market Snapshot from Frazier Allen for the week of September 11th

September 10, 2011

Weekly Market Snapshot

Market Commentary by Scott J. Brown, Ph.D., Chief Economist

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

Scott J. Brown Ph.D., Chief Economist Raymond James Investment Services

Worries about a meltdown in Europe contributed to weakness in U.S. equities and helped drive Treasury yields lower. The European Central Bank left short-term interest rates unchanged. In the post policy meeting press conference, ECB President Trichet continued to talk tough on inflation, but noted “particularly high uncertainty and intensified downside risks” to the growth outlook. An ECB official was said to have resigned over the decision by the ECB to buy Italian and Spanish bonds. Market participants feared a potential default in Greece.

The U.S. economic calendar was thin, but reports remained consistent with the notion of subpar economic growth in the near term. Bernanke repeated that the Fed has “a range of tools to that could be used to provide additional monetary stimulus,” but the markets were disappointed that he didn’t provide details (actually, he doesn’t know – the Federal Open Market Committee will debate the possible costs and benefits of its various tools at the September 20-21 policy meeting). [Read more]

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