Shanghai Stocks Soar, Europe Attempts A Comeback, And US Futures Shake Off Friday's Collapse

China Bull

Mainland Chinese stocks soared today, despite weakness across Asia. Real estate and airlines led the mainland gains and Wen Jiabao spoke optimistically about China’s ability to crank out decent growth over the weekend.

Shanghai: +2.5% (CSI 300)

Asia: -0.8% (MSCI Asia Apex 50)

Hong Kong: -0.9% (Hang Seng)

Tokyo: Closed (Nikkei 225)

 

European stocks are moderately down across the board, UPDATE: Europe is attempting a rally, with Hungary weaker after the government said it wouldn’t push further with austerity measures. BP shares are falling in London, perhaps due to the oil seep detected near the capped well. Irish shares are underperforming major European indices, note Moody’s just downgraded the nation’s credit rating.

The Euro: $1.297 (+0.4%)

Frankfurt: 0.0% (DAX)

Paris: +0.1% (CAC 40)

BP in London: -2.59% (BP LN)

Hungary: -2.1% (Budapest Stock Exchange Index)

Ireland: -0.8% (Irish Overall Index)

London: -0.1% (FTSE 100)


Gold is holding at $1,190, but hasn’t recovered from last week’s Friday drop. The Baltic Dry Index finally broke its long losing streak, and has stabilised at least momentarily.

Gold: +0.3% ($1,192)

Baltic Dry Index: +1.2% (BDI 1,720)

Oil: -0.4% (Light Sweet Crude $75.00)

Dollar Index: -0.2% (DXY 82.35)

 

U.S. futures are so far rising like Shanghai. Today, watch for the Housing Market Index released at 10 AM ET.

EARNINGS: IBM (IBM), Texas Instruments (TXN), Halliburton (HAL)

Check back at The Money Game for market updates all day.

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