The Hang Seng had a late rally after European markets opened slightly higher than expected, although
not enough to come off the day’s low finished down .1%. The telco industry was strong finishing up 5.6%
after Credit Suisse rated them as their top pick among Asian telcos. Shares of China’s second largest
home appliance retailer, GOME Electrical Appliances, tumbled 14.5% today after announcing they
expect a net loss for the first half of 2012.
The FTSEurofirst is up .2% after European Central Bank policy maker Ewald Nowotny made comments
to raise the prospect of a new bailout. This propped the Spanish IBEX up 1.8% and the Italian FTSE MIB
1.5%. Banking giants Santander rose 2.4% and UniCredit 3.4%. Deutsche bank went against the trend
losing 3.3% on a profit warning, leading to worries they may have to raise capital.
In the US the MBA composite index came in at -6.7% from a prior 7.1%. The purchase index is up 1%
compared to a previous loss of 1%. The 30 year rate, at 3.86%, is down 2 basis points for the week for a
new record low.
Commodities are set to begin the day mixed with crude and gold showing minor gains while natural gas
and silver 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