The Hang Seng topped the Nikkei by rising 2% today, however finished down 1.9% on the week. HSBC
Holdings was the top boost for the day rising 2.6%; they are down 6.4% this month however up 8.7%
on the year. The AIA group, Asia’s third largest insurer, slipped .2% today, however posted a larger than
expected increase in value of new business in the first half of the year. The Banking sector rose today
after Shanghai Securities News announced Chinese banks have until 2018 to meet new capital-adequacy
rules. Industry and Commercial Bank of China rose 2.7% and Bank of China 2.1%.
Europe is having a choppy trading day, however the FTSEurofirst has managed a .1% gain on yesterday’s
comments by European Central Bank Leader Mario Draghi. The day has been held back by a Spanish
report showing unemployment staggeringly high at 24.6% in Q2, the highest on record. The Euro is up
again today at 1.2309.
The SEC and department of justice are considering investigating retailers for breaches of anti-foreign
bribery laws after allegations came in from Mexico against Wal-Mart.
Commodities are beginning mixed again today with crude and silver up as natural gas and silver are
slacking at the moment.
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