The Hang Seng outdoes the Nikkei adding 2.2% on the day, 4.4% for June, yet not enough to get Q2 out of the red finishing down 5.4%. This index will be closed on Monday for a public holiday. Espirit holdings was the only loss today for the index, down 1%, having been very shaky due to top executives leaving. Sands China gained the most in the index up 5.6%.
You guessed it, European shares are also up on news that EU leaders will take emergency action to bring down Spain and Italy’s borrowing costs, this ruling will help markets, however does nothing to solve the real issue. The FTSEurofirst 300 is up 1.4% led with Eurozone banks rising 3.9%.
Ford, oddly currently up in pre-trade, was removed from Citigroup’s top pick list as Ford warns of global losses. Citigroup, who also recently updated Nike to buy, defends them as a quality long term pick, after their quarter 4 showed worse than expected profits and analysts cut their target price from 123 to $98.
Crude is soaring up close to 3% today, making it at $80 even, natural gas, gold and silver follow each up between 1.75 and 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