The Hang Seng climbs just over 1% to a 3 month high lifted by the real estate market. StanChart, who
we have heard a lot about this week, rose again today 4.3%. Property data released today showed sales
rose in July prompting stocks forward. Evergrande, China Resources Land, and China Overseas Land rose
4.0%, 2.3% and 2.6% respectively. Li & Fund gained 3.1% ahead of its first half earnings with a first half
profit of 312M. Consumer inflation was down to 1.8% from 2.2% in China and factory output was at
9.2% in June, the weakest in over 3 years.
The FTSEurofirst inched forward .1% with a boost from miners due to Chinese inflation data. Banks and
commodities also helped prop the market as Standard Chartered also gained in Europe up 3.8% fighting
its accusations. Norwegian offshore engineering group Subsea 7 gained 5.8% today. Dane drugmaker
Novo Nordisk added 2.8% with better than expected 2nd quarter revenue. A few German stocks held the
country down as Porsche lost 4.6% and their second biggest lender, Commerzbank, dropped 4.4%.
Interesting news from Morgan Stanley as machines replace traders in the bond and interest-rate trading
divisions, this is due to sluggish activity and to prepare for a time when they will trade live stocks.
Commodities are looking mixed this morning with crude and gold up and natural gas and silver currently
down.
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