Markets and money – July 22

It’s mixed results for the markets all around the world:

mkt722

The US markets have been zigzagging, going in and out of the negative following mixed results from some of the biggest companies.   The Dow is currently down by 12 points to 8,904 while the S&P is seeing a smaller drop.  The Nasdaq as of this writing is (still) in positive territory up 5.26 to 1,921.

Most Asian markets are up for today after another day of gains on Wall Street yesterday, as well as the rise in mining and metal stocks that indicate hopes for economic recovery.  They are also being led by the strong earnings being reported on Wall Street, shrugging off the lower revenues for most of them.  Some however still fell victims to profit-taking. Here are the winners and losers in the Asian markets:

Winners

  • China’s Shanghai Composite ended up 2.6% at 3296.61, its highest close since June last year
  • Nikkei 225 Average up 0.7% at 9723.16
  • Australia’s S&P/ASX 200 added 0.4%
  • Straits Times Index went up 0.2%
  • Kospi rose 0.3%
  • Taiwan’s Taiex added 0.5% led by increase in financials
  • New Zealand’s NZX 50 climbed 1%

Losers

  • Hang Seng Index was lower by 1.3% to 19248.17 on profit-taking
  • India Sensex also dropped 1.4%

The MSCI Asia-Pacific Index also jumped up 0.3% to reach its highest level since September of last year.

It’s a more consistent, positive story for the European markets after some of the major indexes are witnessing some profit-taking just when back on the green after moving up and down throughout the trading session.  While metals were also the star of the day, it was for the opposite reason as in Asia.  With a run of more than 20%, the metal stocks are declining as investors decide to  book their gains.

Banks and auto makers are also injecting pressure in stocks in the European markets as Morgan Stanley posted a much lower income per share than expected and from last year while automaker Fiat came out with also less than desirable results.

The FTSE currently stands at 4,494, up by 12.5 points (3/10%), while the CAC and DAX are both up as well by 0.07% and 0.54%.

On the other side, the dollar is continuing its slide against some major currencies after mostly better results from firms reporting earnings:

curr722

The WSJ put together the numbers: Wednesday morning in New York, the euro was at $1.4184 from $1.4197 late Tuesday. The dollar was at ¥93.53 from ¥93.66, according to EBS. The euro was at ¥132.65 from ¥133.01. The U.K. pound was at $1.6385 from $1.6436, and the dollar was at 1.0692 Swiss francs from 1.0683 Swiss francs.

The improvement in the currency was preceded by a drop after a less than desirable earnings that came out today and a negative start in the US equities market.  As for the strength of the pound, Britain’s Monetary Policy Committee came out today saying there is no plan to expand its QE program, which buys securities worth up to £125bn.  The group also noted that downside risks to UK growth is now lower and inflation was a little higher than expected.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s