The Hang Seng lost 1.2% today, putting it down 1.3% this week, while the Shanghai composite lost 1%
putting it at a 3 year low. The resources sector was among the worst performers with China Shenhua,
China’s biggest coal producer, losing 3.5%. PetroChina stumbled back 0.6% after a 21% decline in Q2
net profits. CNOOC lost 1.1% today, 5% this week, due to week profit and a 40% slash in their dividend.
Banks were also week today with the Bank of China losing 1.3% after its weakest quarterly profit growth
in 3 years. China construction bank is also down 1.9% today.
The FTSEurofirst is beginning today flat as investors lock in profit to minimize risk and exposure. Mining
stocks were the biggest losing sector today as their sector is very economically sensitive. Eurasian
natural resources and Rio Tinto were among top fallers on the index losing 3.6 and 3.3% respectively.
Eurozone banks were also week with the sector losing 1.3% today. Today’s focus will be on the meeting
between the German Chancellor and Greek Prime Minister.
Global bank eyes are on Denmark’s after last month’s experiment of setting its main deposit rates for
banks at -0.2%, which the ECB said it may follow.
Apple is now 4th being knocked down from 2nd, in Q2 in China’s smartphone market. Consumers are
waiting for the next Iphone or buying other brands; Samsung maintains the lead.
Crude, gold and silver are set to begin below while natural gas is on the rise 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