China led Asia lower today, after the government said it would continue clamping down on the property market despite the fact that property prices in June fell for the first time since February 2009.
China: -1.6% (CSI 300)
Asia: -0.7% (MSCI Asia Apex 50)
Japan: -0.1% (Nikkei)
Hong Kong: -0.1% (Hang Seng)
Australia: -0.7% (ASX 200)
Europe is mostly in the green, perhaps after yesterday’s decent U.S. earnings. Except for Portugal. Note that Moody’s just downgraded Portugal, hurting the euro in the process.
London: +0.7% (FTSE 100)
Paris: +0.6% (CAC 40)
Frankfurt: +0.5% (DAX)
Portugal: -0.2% (PSI General Index)
The Euro: $1.253 (-0.5%)
Meanwhile, it’s another peculiar day on the macro-scope, where both the dollar index and gold are rallying. The BDI continues to tank even further though. Just ugly.
Dollar Index: +0.3% (DXY 84.5)
Gold: +0.4% ($1,203)
Oil: -0.4% (Light Sweet Crude $74.1)
Baltic Dry Index: -3.3% (BDI 1,840)
U.S. futures have been showing weakness ever since China fell on its property news, but just recently began to recover and are now slightly positive.
Key earnings to watch today are Intel (INTC), Posco (PKX), and Yum! Brands (YUM).
(Graphic via Finviz)