The Hang Seng ended flat today as gains were offsets by a loss from oil giant CNOOC, whose first half
profit fell double what the market expected. Food and Beverage corp Tingyi, jumped six percent, its best
day in almost 10 months, with a better than expected first half profit. Deutsche Bank upgraded the stock
to buy from hold and increase their target price 16%. China Resources Power slipped 0.7% today after a
near 2 year closing high yesterday due to first half results. They are up almost 14% so far this year.
The FTSEurofirst is currently up .5% after losing .5% yesterday, redeeming itself to even currently this
week. Hopes are coming from Greek Prime minister meeting with the German Chancellor, French
President and the Eurogroup Chief to try to secure more funding from the EU and ECB. For second
quarter earnings nearly 90% of European companies have now reported with 51% missing expectations
as year on year Q2 growth has contracted 11.2% according to Thomson Reuters data. Around Europe
the Dax, CAC and Madrid General are up 0.4%, 0.6% and 0.5% respectively.
Nike intends on raising shoe prices due to rising labor and material costs coming out of China.
Citigroup issues credits card in China without the help of co-branding with a domestic financial institute
becoming the first western bank to do so looking to exploit the ease of regulations in the country.
Commodities are looking strong today with crude, gold, natural gas and silver all set to begin above.
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