Hang Seng surges above 23000
The Hang Seng Index has broken through the 23000 level for the first time. China Mobile led the strong rally gaining more than 3 percent. Analysts say the overnight rise on Wall Street also boosted investor confidence.
Yam urges regulators to make funds more transparent
The Monetary Authority’s chief executive Joseph Yam has called on global market regulators to co-ordinate their efforts in making the operation of hedge funds more transparent. Currently the industry has no statutory obligation to report to regulators and its players usually disclose as little information as possible. Mr Yam said the indusrty should give sufficient information to investors creditors and market regulators.
US to seek WTO panel to hear subsidy row
US Trade Representative Susan Schwab says she will seek creation of a WTO panel to hear a case against China involving subsidies. This came after two months of negotiations failed. Under WTO rules the dispute settlement arm of the organization will consider the U.S. request for a panel at its next meeting July 24.
European shares break 2-day losing streak
European shares moved higher breaking a two-day losing streak. Rio Tinto’s bid for Alcan boosted mining stocks and oil producers rallied as crude topped $77 a barrel. Among the major European indexes Britain’s FTSE 100 rose 1.3 percent. France’s CAC 40 gained 1.7 percent and Germany’s DAX added 2 percent. An upbeat session on Wall Street contributed to the positive tone.
Huge rally on Wall Street
On Wall Street a monster rally. Stocks had the biggest gains in four years on a 38 billion dollar mining takeover and retail sales that came in better than expected. The Dow Jones industrial average rose 283 points to 13861. The S&P 500 was up 28 points to 1547. The Nasdaq climbed 49 to 2701. 73. Alcoa was a big contributor. It got outbid for Alcan by Anglo-Australia mining group Rio Tinto. Alcoa up 7 percent. Rio Tinto’s move relieved investors’ concerns that the takeover mania was ending. Intel WalMart and Target were all big gainers.
Dow Jones surge over two percent
US blue-chip shares have shot up over two percent to a record close of 13861 points. That’s the largest rise in the Dow in almost four years. The S&P leapt 1.91 percent to a close of 1547 points while the tech-rich Nasdaq composite soared 1.88 percent to finish at 2701. A merger in the mining sector and strong retail sales led the way. Europe’s main stock markets also closed sharply higher after recent heavy losses. The London FTSE 100 index closed 1.25 percent higher at 6697 points in Paris the CAC 40 jumped by 1.70 percent to finish at 6103 while in Frankfurt the Dax added 1.96 percent to end the day at 8053 points.
US trade deficit rises to 60 billion USD
The US trade deficit with the rest of the world rose to 60 billion US dollars in May - the second highest level this year. Reports say the rise is largely due to higher oil imports and a continued appetite for Chinese goods.
Hang Seng closes 202 higher
The Hang Seng Index ended the day at 22809 - that’s 202 points up on the previous close. In currenciesthe American dollar’s trading at 122.07 yen. The euro is standing at 1 American dollar 37 cents. And the pound is worth 15 Hong Kong dollars 89 cents.