The Hang Seng fell for a second session in a row dropping .3% today. Tencent Holdings lost 1.9%, but
is still up over 45% this year. Citi analysts agree with their performance stating that Tencent should
be “resilient” to the slowdown in China. Yanzhou Coal lost 5.2% today after a downgrade to sell from
neutral by Goldman Sachs. The property sector was down yet again today as Citic lost 7.3% however
Haitong added 4.4%.
Europe is just slightly down at the moment with the FTSEurofirst off .1% today with very low trading
at 11% of its 90-day daily average. Investors are appearing unsure of where to put their money at the
moment in Europe.
BAC agrees to sell Merrill Lynch’s private bank outside the US to Switzerland’s Julius Baer for 1.47B Swiss
Francs. BAC needs a strong cash position to meet Basel III requirements.
At the moment commodities are showing crude +.70%, natural gas +1.05%, gold +.25% and silver the
only downer -.12%.
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