China, again outperformed their Asian peers, as the Hang Seng added .1%, for a fifth straight day of
gains. China railway construction gained 2.2% and is up more than 60% on the year. Huaneng power
reversed early gains to close down 1.2% after reporting better-than-expected first half profit Tuesday
night, the stock is still up over 34% so far this year.
Europe is currently up supported, of course, on hopes of ECB policy action, which puts them in a
vulnerable position if action is not taken. The FTSEurofirst 300 is up .3% so far today. The hope is for
the ECB to announce steps to lower borrowing costs for Spain and Italy, however that means the debt
will still be lingering. Schneider Electric gained 2.8% after posting a rise in first half operating profit and
Standard Chartered grew 3.5% after beating forecasted results.
The UK manufacturing PMI fell to 45.4 in July from 48.4 in June reaching its lowest level since May 2009.
In the US the MBA purchase index is up 1% after two weeks of decline, however the refinance is again
down 8% reflecting a large drop in applications for government loans.
Nokia shares are up 10.4% in premarket on rumors that Lenovo may be interested in the company.
Commodities look to begin the day with gains currently showing crude, natural gas, gold and silver all
up.
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