Want Want China dropped 3%, for a third straight day of losses after hitting an all-time intra-day high on Monday. China Construction Bank dropped 3.7% due to bad debt worries.
The FTSEurofirst is currently down .4% taking hints from Asia and the US. Technology shares are hardest hit today dropping 1.7% due to weak forecasts from chipmakers Applied Materials and Advanced Micro Devices. Nike is up in pre-trade as it outpaces competition in China showing consumers prefer foreign brand to local competitors. Callaway Golf is also down in pre-trade after announcing plans to cut 12% of its workforce and expected losses of $.55-.75 per share.
Commodities are beginning grimly today with crude, natural gas, gold and oil all showing losses.
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