Renesas, who took a huge blow yesterday and has lost 50% on the month, soared 27.5% on the day. Interestingly its gain today is due to the same reason forits loss yesterday, it’s seeking of 1b Yen for restructuring. The Hang Seng was down close to 2% today being drug down by holding companies Belle International Holdings and Espirit Holdings; both down over 2.5%.
The FTSEurofirst 300 fell just under 1% so far with Spanish worries still a rising concern. The banks are among the worst hit down 1%, with Bankia down 6% taking its drop on the month to 60%. National Bank of Greece is down 4.8% and Banco Santander is down .8%.
Commodities futures are looking bleak this morning with crude, natural gas, gold and silver all trading in the red with silver down 2.3% and natural gas over 3%.
The Mortgage Bankers Associations report shows purchase applications fell .6% in the week of May 25th putting the 4 week average down .7%. Refinancing applications also fell 1.5% despite mortgage rates being at a low 3.91%.
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