CICC CICC Morning 20_080_725

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					China International Capital Corporation * Morning * 20080725 gold
Summary of the report today focuses on
U.S. economic analysts: Chen Jianguang, Zhou Hongli
The long-awaited: A Review of the United States to save the Housing Act introduced
U.S. House of Representatives Wednesday approved a total 300 billion U.S. dollars in
large-scale housing and mortgage market rescue bill. In the United States continues to
decline in housing prices throughout the economy severely affected, in particular, is
currently a maximum of two mortgage giants Fannie America (Fannie Mae) and
Freddie Mac (Freddie Mac) due to lack of liquidity caused by financial market
turbulence, Only the Bush administration to abandon the "veto"
threat, agreed to the bill to prevent the housing and mortgage markets face greater
volatility. Although belated, we think that can avoid further decline in the housing
market has played an active role. The long term, the housing market continues to
decline is the key to this whole crisis. Therefore, some more permanent cure, the
measures for the entire housing market is what we really are looking for.
German economic analysts: Chen Jianguang, Cheng Yi
Ifo business climate index
July 24 announced the German ifo business climate index fell to 101.2 last month
from 97.5, the lowest in three years. Decline than the market expected, and is the 911
largest monthly decline since the incident. Situation Index fell 2.6 points to 105.7 and
the expectations index fell more markedly, down to the lowest since 2002, only 90.
Germany's economic outlook is deteriorating rapidly, even more worrying
is relative to the current situation index, expectations index fell more severe,
indicating the economic outlook in Germany has raised the alarm. As the ifo index fell
more than expected, the euro-dollar exchange rate obviously frustrated. With the 2009
economic slowdown more pronounced in the euro zone interest rate reduction cycle,
while the U.S. current account deficit has been further improved, the economic
re-growth, the dollar reversed the situation will be realized.
Trend of coal prices do not change, but the increased risk policy analyst: HAN Yong
2008 interim results and preview of the second half of Coal Investment Outlook
Well-run trend in the first half of the coal industry: stocks, coal prices rose. Determine
the second half of the trend: the price of coal continued to rise, but growth has slowed
down. Coal industry in policy discussions: little substantive effect, but the effect of
investor expectations. Preview coal company performance: the first half of high
growth is a foregone conclusion. We believe that turning point not yet reached the
coal industry, coal stocks can still be involved after the appropriate callback. The risks
faced by coal companies: First, a substantial slowdown in macroeconomic; Second,
accelerated investment in the coal industry; Third, the government introduced a new
policy intervention in the coal industry.
TBEA (600089/18.37 dollars): Recommended to maintain Analyst: Chen Hua
Performance exceeded expectations, enhance profitability
Interim results exceeded expectations. Achieved in the first half of 2008 and net
business income were 54.2 million and 450 million respectively, an increase of 40%
and 119%. Transformers and cables gross margin increased significantly. During the
expense ratio has dropped significantly. Rise in 2009 profit forecast 08 and 19% and
20%. Remains one of the industry's preferred varieties.
ZTT (600522/10.43 RMB): to maintain a prudent recommendation
                                      Analysts: Lee Source / Contact: Zhao Su
Interim results in line with expectations
Company to achieve net profit of 82.13 million yuan in the first half, earnings per
share of 0.303 yuan, up 100%, fully in line with our expectations. Revenue rose 77%,
1 to 3 by 50% of the quarterly advance, according to mid-year report, we will be in
2008 and 2009 results were slightly up 6.7% and 4.2% to 0.5 yuan and 0.67 yuan per
share. To maintain "prudent recommendation" investment
Market News
Online purchase of new shares:
- Purchase Abbreviations: West Instrument Company; purchase code: 002 265; Online
Circulation: 5840 million; Issue price: 2.88 yuan / share
- Purchase Abbreviations: Zhejiang Rich shares; purchase code: 002 266; Online
Circulation: 2864 million; Issue Price: 14.29 yuan / share
1, Policy and News:
- National Development and Reform Commission recently issued a circular calling for
further strengthening and improving the temporary coal price intervention measures.
Steam on the main port and distribution center for the implementation of price
ceilings, the provisions of Qinhuangdao Port, Tianjin Port, Tangshan Port and other
ports open thermal coal price shall not exceed the June 19 price level, that is, heat
5500 kcal / kg limit the level of steam coal 860 yuan per ton, respectively, 840 yuan
and 850 yuan. (China Securities reported that Zhou Ming Li Yang Dan)
- As the United States, second-hand housing sales in June fell to a decade low of
leading financial and real estate shares diving plate, 24 New York stock market
decline in three major indexes reached 2%, the Dow fell nearly 300 points. (Xinhua
2, industry, and individual stocks:
- Transportation: (Baltic Dry Index: 8856 / 0)
- 24 journalists from the National Development and Reform Commission was
informed that "Tianjin to Qinhuangdao", "Xinjiang
Kashgar to Hotan" and has allowed the construction of four rail. (Shanghai
Yan Li fight)
- Materials:
- "Yatai Group" on the 24th revealed that the transfer of cable
television network in Changchun Co., Ltd. held shares. (Shanghai Peng You)
- Electricity:
- "Yangtze Power" today disclosed that recently, the company
received market transactions between the Bank of China Association "to
accept registration notice" and accept the company's short-term
financing bills, registration, register the amount of 3.5 billion, valid until July 16,
2010. July 30 the company will release 2008 second short-term financing bonds.
Financing bonds issued in the amount of 2.5 billion investment will be used to
supplement the company's working capital, improve the debt structure to
reduce the company's cost of capital. (Shanghai Peng You)
- "Inner Mongolia Huadian Power" on the 24th disclosed
Hohhot Railway Bureau, Ministry of Railways authority as investor representatives,
and Inner Mongolia Huadian, the joint flag up Mao urban infrastructure investment
and development limited liability company, China Railway Group Ltd. sixth inning
set up a joint venture bag full of Railway Co., Ltd., construction, operation bag full
rail. The new company registered capital of 10 billion 15% stake in Inner Mongolia
Huadian. (Shanghai Peng You)
- China Power Investment's listed companies in Hong Kong, China Power
International Development Limited, recently held in Hong Kong, China Electric
Power Division and Bank of China and Bank financing of 100 million U.S. dollars of
overseas syndicated loan signing ceremony. (Shanghai Ye Yong)
- Recently, China Huaneng Group General Manager Cao Peixi, deputy general
manager Zhang Tinker and his party, acting governor of Henan Province in
Zhengzhou Guo Geng met with Mao, the Huaneng Group in the broader field of
investment in building an active part of Henan Province to reach a consensus. On the
same day, Cao Peixi general manager and vice governor of Henan Province, Zhang
David, attended the People's Government of Henan Province of China
Huaneng Group and co-operation agreement estuary village of dam construction and
construction management agreement signing ceremony. (Shanghai Ye Yong)
- "Datang Power Generation," is expected in the first half of
2008 consolidated net profit attributable to shareholders dropped 70 percent over last
year over the same period. (Shanghai Peng You)
- Retail:
- "Xinhua Department Store" Today's announcement
that the company will be the controlling shareholder of Wumart Holdings Group
Limited (Wumart Holdings) not more than 200 million shares issued to purchase their
holdings Beijing Wu Mart Commerce Group Co., Ltd. (Wumart) 40.80% of the shares,
issued price for the company board of directors announced 20 days before 15.60 yuan
/ share the average price. This program, once implemented, would mean holding
Wumart formally established Shanghai and Hong Kong listed company status and
make the most rely on Xinhua Department Store as its business platform, is expected
to make this in the Ningxia region "a high degree of monopoly"
of the department store giant to the country . (Shanghai Wang Yuan)
- "Chongqing Department Store" on the 25th semi-annual
disclosure report for 2008 shows that from January to June the company achieved
operating income of 3.428 billion yuan, up 18.53 percent over the same period;
realized a total profit of 131 million yuan, up 80.43 percent; to achieve a net profit of
107 million yuan, has risen 83.23 percent, earnings per share reached 0.5355 yuan.
The profit level, Chongqing Department Store has over 2007 full year results.
(Shanghai Wang Yi)
- Financial:
- "Bank" adopted by the Board "take up a substantial
shareholder funds self-examination report," the motion and so on. (China
Securities newspaper company announcements)
- Real Estate:
- "Golden Land Group," the board agreed to payments to its
holding 75% of the company's Shanghai subsidiary of Shanghai Real
Estate Development Co., Ltd. Shenzhen Gold's registered capital to capital
reduction, which reduced from the current 374,973,400 yuan to 10,000 yuan, the
company shareholders of both parties according to their respective registered capital
contribution ratio of recovery, including recovery of gold in Shanghai the company
registered capital of 206,230,050.00 yuan. Capital reduction is complete, deep gold,
another Shareholder Cloud Lake in Qingpu, Shanghai Real Estate Development Co.,
Ltd. and Shanghai company golden ratio in accordance with their investment money
on the deep commitment to the company's liabilities corresponding
warranty. (China Securities newspaper company announcements)
- "Tung Wah Group of Industries" is expected during the first
half of 2008 compared with year earlier net profit (net profit of 34.2547 million yuan)
increased 85%. (China Securities newspaper company announcements)
- Poly Real Estate, "published semi-annual report, earnings per share of
0.42 yuan. Board of Directors adopted," there is no large shareholder on
the occupation of the narrative "and" rectification of corporate
governance on the note. "(China Securities newspaper company
- "Sha shares" the company expects 2008 net profit for the half
year loss of 2,600 million 2,800 million. Public notice board. (China Securities
newspaper company announcements)
- "Suning Universal" published in 2008 semi-annual report of
the key financial indicators and the distribution plan, earnings per share of 0.73 yuan.
Sent for every 10 shares 9 shares of 1 yuan (including tax). Aug. 12 shareholder
meeting to consider the 2008 interim profit distribution plan, about 2007 private
placement resolution, motion, etc. extended period. (China Securities newspaper
company announcements)
- "Qixia building" agreed by the Shanghai Stock Exchange, the
Company issued a total of 12 000 of this million RMB ordinary shares (A shares) will
be held July 29, 2008 listing, in which no flow restrictions in this sector will be
87,202,560 shares Circulation on that day. The first day of listing of additional shares
of stock with no price limits. (China Securities newspaper company announcements)
- "Great Dragon real estate," the board agrees that the Company
is holding 98.26% of the subsidiary of Beijing Construction Engineering Co., Ltd. Tai
Lung Shun Fa Shunyi, Beijing Branch of Industrial Bank to apply for working capital
loans to 65 million yuan to provide joint liability guarantee for one year. (China
Securities newspaper company announcements)
- Shanghai Banking Regulatory Bureau yesterday released the "first half of
the Shanghai real estate credit report" shows that the first half of the
overall slowdown in the growth of Shanghai real estate loans, loans for real estate
development, but still more individual housing loans to bottom pick. The report said
the Shanghai real estate credit risk is still manageable. (China Securities reported that
high-change- fang)
- Although the Beijing property market performance is still not satisfactory, but some
commercial banks said that they will be based on the characteristics of Beijing and
market the region to strictly enforce regulatory provisions on mortgage policy.
Authorities have a clear to this reporter that the current policy for rea l estate has not
changed from the tight, regulators will continue to strengthen the commercial banks to
strictly implement the credit policy supervision. Data shows that Beijing property
market is facing price and volume reduction of Qi: the real estate ma rket opened in
early July the average price for the 14,350 yuan / square meter, the chain fell 3.4%.
Trading volume, the first half of the new homes fell 36.9% volume, second-hand
housing went down 4.5%. In this context, the bank's mortgage policy has
not been the slightest loosening. (China Securities reported that Zhang Taixin
- Electrical Equipment:
- "TBEA" published semi-annual report, earnings per share of
0.4036 yuan. Board of Directors to raise funds through corporate management
approach (2008 revision); through the establishment of a special account to raise
funds so the motion. (China Securities newspaper company announcements)
- Medicine:
- "White Cloud Mountain A" yesterday's disclosure,
from July 1 to 20, the company's second- largest shareholder of the
Shenzhen Stock Exchange Trading System by Philip Chiang sell its shares held by the
unlimited sale of 2449.36 million shares, accounting for 5.22% of total share capital.
Among them, reduction of 449.36 million shares through the secondary market,
through large holdings of 2,000 shares trading platform. To 9.97 yuan / share the
reduction of average price calculations, Chiang Philippines This time a total cash
holdings of 244.2 million yuan. It is worth noting that although the Philippines
Chiang held after the above-mentioned reduction of 1750.64 million shares of Baiyun
Mountain A, but because of Baiyun Mountain A partial accounting of the total capital
ratio below 5%, which means that even if in the future to continue to reduce support,
will not have to be disclosed. (Shang Zhengbao He APB)
- 24 At 9 a.m. Zhangsheng Yu Tong Ren Tang, chairman of the funeral was held in
Beijing in the cemetery. Hundreds bid farewell to all walks of life.
"Securities Law", "Investment Fund Law"
drafting team leader Wang Lianzhou and the "Godfather of Chinese private
equity," Zhao Danyang, etc. also laid a wreath in his own name. Said, at
this stage by the company's vice chairman and plum daily group took the
Chair, the operation and management activities in all normal, and subsequent
chairman of the official candidates to be discussed by the Board into the schedule.
(Shangzheng Bao Ho Chien- yeh Pan Lotte)
- Food & Beverage:
- "Alcoholic liquor" Today's announcement said the
company is planning major events, and will be requested to consult relevant
departments for policy and program arguments, so there are still matters of uncertainty,
shares suspended today. Is committed, if the company fails to stock suspension of 5
working days from the date on the major issues and facts from relevant departments,
or the initial demonstration has not been adopted, the company will make an
announcement and resume trading. If the major issues as possible by the initial
demonstration, the company stock would be expected no later than August 1 to
resume trading. (Shangzheng Bao Xu Rui)
- Information Media:
- With "Talkweb Information" This week the three listed in the
Shenzhen Stock Exchange daily closing at 34.10                           yuan on 24,
"Paid" information held by Talkweb total market value of equity
as much as 584 million yuan, which is Paid investment Coship the rich more than 30
times earnings, the venture capital field again enjoy the "feast."
(Shangzheng Bao Zhao Bijun)
- Metal:
- 7 23, "TISCO Stainless Steel," released and published
prospectus issued bulletins and online roadshow notice. , The senior management
team personally led a road show in Shenzhen, Shanghai and Beijing to embark on the
intensive roadshow promote it. Reporter through some of the activities involved in
promoting road show for investors understand that, "TISCO stainless
steel," said chairman Li Xiaobo on behalf of senior management: senior
executives of all companies will participate in this additional layer of online personal
purchase. (Shanghai Zhang Xiaoming)
- "Hunan Valin" Today's announcement, as the
shareholders of the company passed the General Assembly considered the equity
incentive plan related to the motion, the company decided to move from the
secondary market repurchase some shares to restricted stock for the
company's incentive plans. (Shanghai Rui Xu)
- "Wide Steel shares," the company is expected in early 2008 to
the end of the half- year 2008 net profit a year earlier, the cumulative increase of 200%.
(Shanghai Stock Exchange Notice)
- Mining:
- While coal last month issued a temporary intervention order, but the coal market is
also seen on lower priority and contract fulfillment rates, reduce adulteration to
covertly raise coal prices coal and store coal, and policies are facing "
discount "of the crisis. July 24, the National Development and Reform
Commission issued a circular calling for further strengthening and improving the
temporary coal price intervention measures, the NDRC decided, on the
implementation of major ports and distribution center for thermal coal price ceiling.
(Shanghai Ye Yong)
- Automotive:
- "Foton" expects by mid-2008 net profit rose 50%. (Shanghai
Stock Exchange Notice)
- Shang Zhengbao 23, was reported in large displacement car consumption tax
adjustment soon. The news yesterday in a State Council executive meeting be
confirmed. Conference resolution states that the implementation of energy-saving
environmentally friendly car consumption tax preferential policies, large displacement
car consumption tax rate increase, to develop public transport. (Shanghai Huan Lu)
- Construction Machinery:
- "Xugongkeji" Today's announcement said the
company intended to 16.47 yuan / share price to the controlling shareholder of
Xugong directional issue 340 million shares, in order to purchase its own heavy
construction companies and related machinery operating assets, to be procured
estimated value of approximately 5.6 billion of assets. In this transaction, involving
six companies will be Xugongkeji directly or indirectly, 100% stake in the company.
(Shanghai Rui Xu)
- "Kunming Machine Tool," the owner is expected to net profit
attributable to parent company grew 50% over the previous year. (Shanghai Stock
Exchange Notice)
Review of yesterday's domestic market
A stock market trading department: Qiu Jin
Overnight crude oil, gold continued to fall, the external market stability maintenance,
domestic news surface calm, the two cities both high open, stock show EADS were
mixed situation, the index at a high level oscillation in the afternoon to continue to
send real estate and financial strength, the Shanghai index station 2900 points
Shenzhen Stock Index broke through 10,000 points, compared with the previous day
volume amplification, decreased the number of shares less than 50. The Shanghai
index closed 2,910.29 / ± 2.55%, Shenzhen Stock Index closed 10,005.99 / +2.79%,
Shanghai and Shenzhen 300 Index rose 3.26% to 2977.36 points.
Hot Plate:
? The State Council executive meeting energy bill, energy-saving environmental
protection up: "Farah electronic" received 11.79 yuan / +9.78%,
"Silan" daily limit of 6.42 yuan income, "together
create optical" limit- income 6.55 yuan, "Foshan Electrical and
Lighting" receive 9.49 yuan daily limit, "Zhejiang
Sunshine" received 10.81 yuan daily limit.
? order yesterday after a strong rebound in real estate: "Vanke A"
close 9.29 yuan / +6.66%, "Poly Real Estate," received 16.90
yuan / +9.95%, "Golden Group" daily limit of 9.19 yuan
revenue, "OCT A" received 11.38 yuan / +6.75%,
"Financial Street" received 9.15 yuan / +6.40%.
? "Bank of China," received 4.10 yuan / +1.23%, and
"CCB" collect 6.13 yuan / +2.00%: In light of recent reports
that Bank of China, holding 20 billion U.S. dollars, "Fannie
Mae" and "Freddie Mac" bonds, in Bank President
Li Lihui, the bank 23 at the Olympic Games in the financial press conference, to
present interim results released now silent on the grounds of the absence of specific
responses, but he said the Bank of China, the risk of foreign bond investment scope is
still fully controllable inside. On the same day CCB spokesman in an interview, it
means the "CCB holds seven billion U.S. dollars 'two
rooms' bonds" serious discrepancies with the facts reported. Be
pointed out that the two banks, despite the recent "Fannie Mae"
and "Freddie Mac" to expand due to loss of stock prices higher,
but bond prices because of the two agencies may be government assistance is
expected without significant fluctuations, Therefore, the current market value of bond
holders have not yet faced the pressure of revaluation and the credit risk of default.
Other financial stocks were also strong, "Merchants Bank"
received 25.41 yuan / +5.57%, "Shanghai Pudong Development
Bank," received 23.69 yuan / +8.17%, "Shenzhen Development
Bank A" received 20.80 yuan / +5.32%.
? Coal stock for Development and Reform Commission called for further
strengthening and improving coal price weakness temporary intervention measures,
but there is buying into the late rush oversold bounce. Analysts believe that policy for
several coal companies (Shenhua, China Coal and Yanzhou coal) do not directly affect
performance, but for the price impact will be formed: introduction of the government
intervention policy continued to make investors expectations for the future, a stable .
"Yanzhou Coal Mining Company," received 19.47 yuan /
+2.53%, "China Shenhua" received 33.23 yuan / +1.65%,
"Xishan Coal Electricity" received 41.80 yuan / +0.72%.
? "Shanghai Airlines," received 6.62 yuan / +0.91%, the
company announcement that there is no Chinese civil aviation industry and the related
reorganization of a major trading company stock prices have a major impact on
operational matters. "Eastern Airlines" received 7.89 yuan /
? turnover of 116.51 billion yuan today two cities, three- month daily average turnover
119 928 000 000 compared with a decrease of 2.85%; on 180 constituent stocks
traded 43.3 billion yuan, accounting for the Shanghai A share transactions, 54.32%;
on the card transactions of 50 constituent stocks 24.899 billion yuan, the Shanghai A
shares account for 31.24% of transactions. Shanghai stock market transactions by the
leading "CITIC Securities," "Ping",
"investment bank", "Minsheng Bank",
"Shanghai Pudong Development Bank"; the forefront of
Shenzhen       deal    is    "Vanke        A",     "CITIC
Guoan", "South Wind chemical, "" Long
Ping High-Tech "," medium in China. "
B-share market
Shanghai Stock Exchange B shares rose to close at 216.15 / +1.12%. The
"Metro          B",        "Jiulongshan       B",
"public B" among the biggest gainers; the Shenzhen B-up,
closing 470.01 / +2.03%, which "Guangdong Lighting B",
"side big B", "Wanke B "gainers.
Summary of yesterday outside the market
Department of the Hong Kong market transactions: Jian Feng
Hong Kong stock market opened flat Thursday, followed up with the mainland A
shares, but the A shares after the market closed, turned down the Hang Seng Index
closed down 47 points, or 0.20% to 23,087, turnover 77.3 billion Hong Kong dollars.
Brokers that the market rally round up to 24,000, will once again after the callback,
the main drag on the global economic slowdown. Hang Seng China Enterprises Index
-0.72% -0.37% of red-chip index. China Shenhua (1088.HK), China's
CNOOC (883.HK) and China Petroleum (857.HK) leading decliners.
? China Shenhua (1088.HK) -4.9% to 31.30 Hong Kong dollars, China Coal Energy
(1898.HK) -3.6% to 14.50 Hong Kong dollars, Hang Ding Industry (1393.HK) -5.9%
to 11.18 Hong Kong dollars, the National Development and Reform Commission to
restrict the port thermal coal spot prices, to help power producers against rising costs
in order to ease the power shortage, Qinhuangdao, Tianjin and Tangshan Port coal
price shall not be higher than the June 19 level.
? the development of individual real estate stocks: Shimao Property (813.HK) rose
above 3.6%, but closed down 3.7 percent, Moody's lowered the
company's rating to non- investment grade. R & F Properties
(2777.HK) -1% to 17.20 Hong Kong dollars, the Chinese Overseas (688.HK) -0.8%
to 14.60 Hong Kong dollars, Sino-Ocean Land (3377.HK) +3.3% to 5.38 Hong Kong
dollars, Greentown China (390.HK ) +5.8% to 7.49 Hong Kong dollars.
? implementation of China's recent energy plan, the proposed tax increase
on big displacement vehicles, CICC researchers think that this limited impact on car
manufacturers. China's heavy truck (3808.HK) +4.4%, Dongfeng Motor
(489.HK) -0.6% to 3.53 Hong Kong dollars, Denway Motors (203.HK) -1.7% to 2.88
Hong Kong dollars.
? price of oil dropped to 124 U.S. dollars a barrel, airline stocks continued positive.
Eastern (670.HK) and Shanghai Airlines denied the merger rumors, shares rose 2% to
2.72 Hong Kong dollars, Air China (753.HK) +4.7% to 4.73 Hong Kong dollars,
China Southern (1055.HK) +7.8% to 3.73 Hong Kong dollars.
? Construction Bank (939.HK) flat at 7.00 Hong Kong dollars, the bank denied Lyon
securities held by seven billion U.S. dollars of Fannie Mae and Freddie Mac
securities-related claims, in addition to news that the bank intended to acquire PT
Bank Negara Indonesia no more than 20% equity. China Merchants Bank (3968.HK)
+0.7% to 28.85 Hong Kong dollars, Bank of China (3988.HK) -0.3% to 3.57 Hong
Kong dollars, Bank of Communications (3328.HK) +0.2% to 10.08 Hong Kong
? Weichai Power (2338.HK) +6.6% to 38.70 Hong Kong dollars, the company expects
first half net profit rose 50 to 100%.
? canned drinks Coca-Cola will cut production 7 percent to control production costs,
China's Chalco (2600.HK) -2.0% to 8.40 Hong Kong dollars, Hing Fat
aluminum (98.HK) +2.4% to 2.12 Hong Kong dollars.
Department of sales transactions in other markets: Wang Yan
U.S. and European stock markets rebounded this week after a row appeared to fall,
mainly by poor economic data and the impact of poor earnings issued. International
crude oil prices start from 7-week low of rebound, but the decline is not only
commodities, non-ferrous metals have a tendency to accelerate down. Foreign
exchange, in anticipation of the United States in June durable goods orders and new
home sales fell, the dollar against the euro on the 4th to the first day of fall in the
dollar against the yuan closed at 6.8289.
? United States, fell yesterday, the financial sector create the biggest decline in eight
years, home sales fell more than expected decline in the housing market is estimated
that banks and brokerages will lead to the cost of consuming up to 1 trillion dollars.
Citigroup, Bank of America and Goldman Sachs both fell, due to second-hand
housing sales fell to its lowest level for 10 years, construction stocks in the biggest
decline ever, Ford hit in August 2000 to the largest decline, due to loss of earnings
double the estimated division.
? The European stock markets fell, with Germany and the euro zone economic data, a
number of weaker than expected. The overall situation in which London's
benchmark: FTSE 100 index fell 78.6 points to close at 5362.30 points, or 1.6%,
United Kingdom in June than-expected retail sales fell 3.9%, the biggest decline was
related statistics since its inception in 1986, The new low. Including Scottish
& Southern Energy (S & SE), British Gas Gro up (BG) published
results report and the further economic panic led to the British shares sharply lower.
? Asia-Pacific stock markets generally rose on July 24, only Hong Kong stocks closed
down slightly. Which the Japanese stock market, the yen fell against the dollar fell
and oil prices, the Nikkei rallied 2.2 percent Thursday, the highest four-week closing
high, Toyota and other auto stocks led the gains. The Nikkei closed up 290.38 points,
to 13,603.31, and was the highest since June 26 close. South Korean stocks open
higher shock 24 higher, Seoul Composite Index closed up 34.38 points, or 2.16% to
1626.14 points. Australian shares ended higher by strong financial and industrial
stocks push higher. The benchmark S & P / ASX 200 closed up 38.8 po ints
to 5144.1 points, or 0.8%, after a three-week record high of 5158.3 points.

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