The Hang Seng went the opposite direction losing 0.4% today hit by weakened non-bank financial, brokers and insurers. China Life Insurance, the largest mainland insurer, slid 3.5% today. A rival, Ping AN Insurance, lost 2.6%. Haitong Securities lost 4.4%. China Construction Bank, China’s second largest lender, slipped 0.8% today. China Petroleum and Chemical Corp was the only of 3 Chinese Oil companies to rise today gaining 3.4%.
European shares were down today with revised data that Spain’s economy has contracted more than previously estimated, 0.3% vs a previously estimated 0.1% in 2010, the Spanish IBEX was down 0.8% today. Spanish and Italian Banks were down with BancoSantandor losing 1.3% and Unicredit down 0.8%. Trading was thin today due to the UK market being closed for a public holiday. Nokia, the world’s second largest cell phone maker, jumped 11% today after rival, Samsung, lost a court case against Apple. Around Europe the Dax is up 0.2%, the CAC 0.10% and the Madrid General is down 0.4%.
Ford breaks ground on a new factory in Chongqing, China where it will produce its 2-liter ecoboost engine.
Crude and Natural gas are both set to begin up over 1%, silver up 0.5% and gold the opposite way 0.2%.
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