The Hang Seng was closed today for a public holiday however the Equity China index showed a .5% gain today. Data released today showed factory activity in China’s private sector shrank at its fastest pace in 7 months in June, activity was down all of the previous 7 months as well. This could give us expectations over the market tomorrow unless European news is able to pull up China.
European shares rallied today after bold moves made at the EU summit last week and upcoming expectations from the European Central Bank, which meets on Thursday. The FTSEurofirst was up over .7% today putting it at levels not seen since early May. Credit Agricole was the largest gainer on the FTSE adding 6.8%.
JPMorgan lifts IMAX to an outperform rating with many movies being shot in the IMAX format over the summer. Shares have gained 19.6% in the last 30 days.
Deutsche Bank downgraded UPS to a Hold from Buy and set the target price on shares at $82 from $88.
Energy commodities are down to begin the day as are gold and silver.
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