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Fundamentals and Market Wraps:
US:
CPI rose by 0.2% in June ,which is exactly the market
expected.US FR chairman Bernanke said that the US economy
was likely to expand at a moderate pace over the second half of
2007.And housing would drag on growth.The Dow Jones
obvious faced pressure at 14000 level,dropping to 13768.73 at
one stage,but finally closed at 13907. We believe the subprime
mortgage market's woes are affecting the share market
continously,though today's fall is technical.
Crude oil prices rose as a result of the much lower than expected
decrease in the EIA gasoline stockpile last week.
Australia:
Glenn Stevens,Governor of the RBA delivered a speech on the
Asia Crisis in 1997.He said he was not suprised by the
appreciation of AUD ,which caused the rise of AUD today by 20
pips.
Today's ASX200 index added 55 points ,though the US market
loses.As we mentioned before,the ASX is closely related with
the US market.Thus,we regard today's gain as a miracle.The
mining metals regained strenth today.BHP and RIO rose half a
percent after 3 days loses,and financial sector continued to
recover as most of the banks posting a solid gains.
No major data released today.We are expecting the CPI next
week.
China:
China tend to sell US T-bills.It's within expectation since the
depreation of USD and the trade surplus.
CPI in July was released today,4.4% mom,much higgher than
expected,after many fiscal policies last two months,and the GDP
growth rose by 11.5%.But we noted that the PPI reduced to
2.5%,which is the lowest in 2007.We believe the lower cost and
higher sales revenues will benefit manufacturers a lot over a
long time.From the CPI and PPI curve ,it's obvious to see that
the CPI is in the uptrend while the PPI is horizontal with a little
fluctuation.Good news to macturatures' profits.
Today's share market' trend is within my forcast.After the CPI
was released at 10:00,the market reached the bottom at 10:15
.Finally the SH composite index lost 18 points today.
share commended :
No share commended to buy tomorrow.The market were not
influenced by the higher-than-expectedCPI,which we believe is
unusual and tomorrow investors will turn back to be
'rational",plus Friday .It is wise to not buy any stock.
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