The Hang Seng climbed 1.7% with some help from the banks and a positive MBA report from the US.
China Construction bank added 2.7% and the Industrial & Commercial Bank of China followed with 2.5%.
Real estate also lagged today in China with China Overseas Land & Investment losing 1.4% and China
Resources Land down .1%, two of only 4 that posted losses in the index today.
European shares advanced to 11 week highs as the FTSEurofirst is currently up .4%, on track for 7
straight week of gains, its longest since 05’. Electrolux jumped 4.4% and AkzoNobel gained 5% after
their earnings beat forecasts. Tool maker Sandvik grew 6% lifted by earnings above market expectations
for Q2. So far 64% of European large and mid-cap firms beat or met expectations and have had profits
increase an average of 3.4% year over year, according to Reuters Starmine data.
Deutsche Bank plans to cut 1000 investment-banking positions as activity in the capital market slows
down due to the Eurozone Crisis.
Nokia Siemens returns to profitability with pre-market shares up 5.8%.
The Home Depot plans to close 10 of its 52 branches across Israel, looking to lower rental costs.
Commodities are benefiting from the upbeat data with crude, natural gas, gold and silver all showing
gains to begin the session.
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