The Hang Seng rose 1.1%, up four day in a row, to finish the month up 1.8% and 7.3% so far this year.
Banks contributed to the gains with HSBC adding .6% and China Construction bank up 3.4%. The
Shanghai composite did not do so well as it close down .3% for the day and over 5% on the month
making July its worst month since early 2009.
European shares have hit the wall with the FTSEurofirst currently down .1% due to analysts’ warnings
that the ECB may not make as bold of moves as expected. UBS is a top loser down 5.5% as the
investment bank took a hit on Facebook’s market debut. Deutsche Bank was also hit currently down
1.3%. BP took a plunge of 3.3% after delivering the worst results among top oil companies and slashing
5B off its value of US assets. 44% of European companies have reported so far and 47% of them have
missed expectations.
Canadian home improvement company Rona rejected a buyout offer from Lowe’s saying the deal is not
in its shareholders’ best interests. Lowe’s has not ruled out upping the bid or a hostile takeover bid.
Commodities crude, natural gas, silver and gold are all beginning the day pretty flat with each up
under .3%
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