China is thrashed this morning with the Hang Seng losing 1.9%, its worst fall in 5 weeks, and the
Shanghai losing 2.4%,down to a 6-month low. Companies are warning of worse than expected profits
and the second-quarter GDP numbers due out Friday are expected to be the worst in at least 3 years.
Angang Steel lost 5.6% after issuing a profit warning, while Dongxiang lost 8.2% for doing the same.
Europe has a similar story as the FTSEurofirst is down .4% on weak global data. Metro, the world’s
number 4 retailer, dropped 6%, the biggest loser among European blue chips. European blue chips are
expected to fall 5.5% year-over-year in the second quarter.
In pre-market US Sirius XM radio added 622042 net subscribers in Q2, a 38% increase from last year, their shares are up 4.7% pre-market.
PepsiCo plans on entering the Yogurt market, at least in the Northeast, through a joint venture with Theo Muller, a German Company. Yogurt sales are on pace to gain 9% this year after adding 7.5% last year.
The Euro is currently up .15% compared to the dollar.
Commodities are looking strong overall this morning with crude, natural gas and gold up while silver is in the red.
Contributer Chris Rygh is currently pursuing his MBA in Wisconsin and has a passion for the Market. Comments can be directed to ryghcw19@uww.edu