The Hang Seng rose near identically to the Nikkei gaining .8% due to Merkel’s support of ECB action,
however ended the week down .1% for its worst week in 10. China Mobile was down yet again losing
3.5%, now at its lowest since June 29 after having its worst single day of the year yesterday. Smaller rival
China Unicom and China Telecom lost 2.6 and 1%. Industrial and Commerce Bank of China rose 1.1%
however remains down 2.4% on the year.

The FTSEurofirst 300 rose .4% boosting the index to a 13 month high to begin today. The index is on
track to post its 11 weekly gain in a row, its longest streak since 2005. Autos were the best performing
sector rising 1% with banks right behind them gaining .8% whereas healthcare stock top the list of the
bottom losing .5%. The index has gained nearly 9% since Draghi’s words in late July. Around Europe
Madrid is up 1.6%, the French CAC up .05% and the German Dax up .22%.

Japan predicts it will emerge from 15 years of deflation in FY 13-14’ forecasting the GDP deflator will
increase .2%.

To add more salt to the wound, Spanish Bank non-performing loans rose to 9.42% in June from 8.95% in
May.

Commodities are set to begin lacking today with Gold up while silver and crude are down and Natural
gas looks to be stuck in neutral.

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