Hong Kong snaps two days of losses with a 1.1% gain today as investors venture back into Chinese bank
stocks with each of the Big Four banks seen at least a 1% gain on the day. China Mobile had its best day
in two months, adding 2.2%, putting it at its highest since August 27 of 2008. Its shares are up 22% so far
this year and the company is set to report earnings Thursday. Utilities rose with Power Assets and Hong
Kong and China gas both adding 1.2%.
Europe is on the rise today as low figures give way for hopes of new stimulus. The FTSEurofirst is up .4%
as GDP data shows a .2% decrease in the second quarter compared to the first and a .4% decrease
compared to a year earlier. The Eurozone bank index was up .8% today and has jumped 25% since
Draghi’s comments on doing whatever it takes to preserve the Euro. Banco Santander, Unicredit and
Natixis are up 1.4, 1.2 and .9% respectively.
Greece sells 4.063B 13-week treasury bills to yield 4.43%.
A Ford subsidiary in India recalls 130K vehicles for a manufacturers defect in models from 2008-10.
Commodities are set with gold, silver, crude and natural gas all trading up this morning.
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