Chris Cruises the Globe 7.13.2012

Construction stocks were up with the GDP news as were banks with CCB up .6% and ICBC up .8%. Underperforming were China’s power producers as power output was flat in June after rising 2.7% in May.

Europe is jumping on the slight rally in Asia with the FTSEurofirst up .4%. Basic resources and miners shares rose currently showing miner Petropavlovsk up 1.8% and Steelmaker Voestalpine up 1.3%. Italian Banks received an unexpected hit today as Moody’s downgraded Italy’s government bond two notches to Baa2, banks are down about 1%. Data also showed foreign deposits in Italian banks have dropped 20% on the year in April.

Moody’s also put London Automaker Peugeot on review for a downgrade battering their stocks down 8.8%.

Nokia is planning on closing 2 of its distribution centers in China as a part of its restructuring process, shares are up .5% pre-market.

JPMorgan was off to a great start after beating revenue predictions by 1B, however upon showing all of the write offs, wilting credit spreads, investment banking fees down 35%, and advisory fees down 41% the stock tanked from 2.1% to a current pre-market trade of -2%.

Commodities begin another session mixed with crude and gold up while silver and natural gas are down.

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