The Hang Seng had another big slide today dropping 1.1%. Securities were among out-performers as
Haitong Securities gained 1.6% and Hong Yuan Securities jumped 6.1%. Chinese power companies,
unlike Japanese, had gains on the day after China’s regulatory commission decided to open the power
sector to private investors, Datang Power added 2.5%. The Index was held back by poor real estate data
showing home prices flat in June after 8 months of decline, to end hopes of policy support. Poly Real
Estate dropped 4.9% and China Vanke lost 3.8%.
Strong earnings reports are right now enough for Europe to begin the day up ignoring the Asian markets.
The FTSE is currently up .2% after positive results from Europe’s banks as Credit Suisse adds 5.5% and
Nordea adds 2.2%. US Firms Goldman Sachs and Coca-Cola’s strong numbers report overnight also
helped prop the European market.
European Construction output comes in at +.1% for May compared to the previous month of -3.7%.
UK unemployment showed a nine-month low of 8.1% with the Olympics helping to create jobs.
Commodities are starting out the day with Gold, silver, natural gas and crude all flat at the moment, the
biggest mover being gold down .33%.
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