China had a similar day, with the Hang Seng falling for the third straight, however only off .2%. China’s imports sank to a six month low with an increase of 6.3% from a year ago, this is half of the anticipated 12.7% forecast in a Reuters poll. Samsonite, the world’s largest luggage maker, dropped 6%, and is at its lowest level in 6 months. China Yurun Food group dropped 6.6% following yesterday’s 10% dive, marking its lowest level in 6 years.
European shares rallied today on nothing more than yet another speculated bailout, the hope is that Germany’s constitutional court will give its blessing to another fund. The FTSEurofirst is up 1.2% on the thought. Banking stock are basking in the news. ASML stock, the previously mentioned Dutch company, is up 8.8% after Intel’s announcement. UK chipmaker and Intel competitor ARM Holdings dropped 1.8%. Italy shares some much needed good news in that Industrial production rose .8% for May compared to
the anticipated decline of .2%.
Pepsi, currently down in pre-trade, announced another move in opening a new food manufacturing plant in China.
Southwest airlines grabs an upgrade from Sterne Agee to buy from neutral after reading the carriers June numbers, they are up 1.1% in pre-market.
Commodities are starting mixed today with crude down, natural gas flat, and gold and silver both green today.
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