The Hang Seng was the top performing Asian Index adding 1.6% on the day. HSBC holdings rose 1.7% ahead of its earnings announcement. HSBC is down 4.7% for July however, up 10.7% on the year. Tingyi, China resources land, and China resources power were the only losers of the day each down between 1 and 1.5% while the biggest gainer was Sands China up 5.71%.
The FTSEurofirst is up 1.1% on the day so far, at 1,068 a level not seen since April. The support comes from Italy’s debt sale of 5.48B euros of government bonds, the rate of which dropped to 5.96% from 6.19% from the auction in June. This escalated Italy’s FTSE MIB 2.7% and Spain’s IBEX 2.1%.
EU competition authorities charge Teva, Servier, Mylan labs and three other companies with blocking generic perindopril drugs, which treats hypertension, from entering the market.
Former FED economist Ward McCarthy suggests the Fed may lower interest paid on reserves to 0%, which should inject cash into the economy. Crude, natural gas and silver are all set to begin the day with slight gains, while gold is down just .05%.
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