The Hang Seng ends flat today as StanChart has a bit of a rebound towards the end, turnover declined
11% from yesterday. StanChart finished up .8% after opening down 3%, which does not quite make
up for its 15% drop yesterday. Esprit Holdings dove 12.2% today erasing close to half of its 28% leap
yesterday. Cathay Pacific Airways lost 4.3% after posting its worse first half loss since 2003, the airway is
now down 7.2% for the year compared to the Hang Seng being up 8.8%.
The FTSEurofirst is currently down .5% today, after closing at a 4 month high yesterday, as sentiment
remains highly cautious. Boston Fed Bank president said yesterday the ECB should launch another bond
buying program of whatever size necessary to get the economy back on its feet. Standard Chartered
grasped some of yesterday’s losses, up 7% to lead the index. Global miner Rio Tinto gained 1.9% stating
it is sticking to its 16B spending plan for the year even with weaker prices dragging down profits.
The MBA report came in negative but weak showing purchases down 1% and refinancing down 2%.
Commodities are currently showing crude, gold and silver all set to begin in the red and natural gas
up .4%.
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