The Hang Seng reversed yesterday’s finish, as a top Asian performer today, gaining 1.2%, from being the
worst performer yesterday. The Chinese Banks did its largest weekly funds injection into the financial
system in 7 months, as a substitute for cutting the reserve ratio. China Telecom jumped 6.7% due to
earnings being in line with expectations; JPMorgan also upgraded the stock to overweight from neutral.
China Unicom, a slightly larger rival of Telecom, was up 4% today. Li Ning lost 3.8% after posting weak
first half earnings. PetroChina rose 0.8% today, ahead of its earnings announcement.
Early gains in Europe boosted by the US Fed soured in the early afternoon due to fresh weak data.
Around Europe the DAX and the CAC are both up 0.2% and the Madrid general is 0.4% in the opposite
direction.
Sony announced it is planning on cutting 15% of its workforce and move its headquarters to Tokyo from
Lund, Sweden.
Chinese purchases of US companies and assets hit a record high of 7.8B USD in the first 8 months of the
year. The biggest deal of the year was that of Dalian Wanda’s 2.6B purchase of AMC entertainment.
Metals are set to soar today with Gold up 1.7% and silver up 2.36% In energy crude is also up while
natural gas bucks the trend down a half of a percent.
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