Shanghai Composite at 7-Month High, Ryanair Profits Soar
July 28, 2014 7:32 am
Mixed markets this morning in Europe after gains for Asian Markets overnight; the Nikkei was up 0.46%, the Hang Seng up 0.88% and the Shanghai Composite up by an impressive 2.41%, hitting a seven-month high after further positive economic news, with figures showing year-on-year June growth of 17.9% for China’s largest industrial firms.
The FTSE is currently up 0.05%, the DAX is down by 0.06% and the CAC is up 0.23%. There’s little Euro-zone and UK economic data due today, with markets focussing on the Markit Economics purchasing managers’ index for the US services industry, which fell to 59.8 in July from 61 in June.
Currency markets were quiet with the Euro and Dollar both steady. In Asia, the South Korean Won was among the best performers, rising 0.14% against the US dollar to 1,024.7 ahead of Wednesday’s release of industrial production data for June.
Companies due to release their quarterly earnings figures today include Consumer Goods Giant Reckitt Benckiser and US firm Herbalife. Herbalife’s figures will make for interesting reading in the aftermath of last week’s spectacularly unsuccessful attempt by Billionaire Hedge-Fund CEO Bill Ackman to bring the company down.
Meanwhile, Ryanair has announced stellar earnings for the second quarter of 2014, with profits of €197 million – a year-on-year increase of €119 million from Q2 2013. Over the last half-year the low-cost airline has attempted to significantly improve the level of service provided to passengers, a strategy which appears to have paid off.
Mixed markets this morning in Europe after gains for Asian Markets overnight; the Nikkei was up 0.46%, the Hang Seng up 0.88% and the Shanghai Composite up by an impressive 2.41%, hitting a seven-month high after further positive economic news, with figures showing
year-on-year June growth of 17.9% for China’s largest industrial firms.
The FTSE is currently up 0.05%, the DAX is down by 0.06% and the CAC is up 0.23%. There’s little Euro-zone and UK economic data due today, with markets focussing on the Markit Economics purchasing managers’ index for the US services industry, which fell to 59.8 in July from 61 in June.
Currency markets were quiet with the Euro and Dollar both steady. In Asia, the South Korean Won was among the best performers, rising 0.14% against the US dollar to 1,024.7 ahead of Wednesday’s release of industrial production data for June.
Companies due to release their quarterly earnings figures today include Consumer Goods Giant Reckitt Benckiser and US firm Herbalife. Herbalife’s figures will make for interesting reading in the aftermath of last week’s spectacularly unsuccessful attempt by Billionaire Hedge-Fund CEO Bill Ackman to bring the company down.
Meanwhile, Ryanair has announced stellar earnings for the second quarter of 2014, with profits of €197 million – a year-on-year increase of €119 million from Q2 2013. Over the last half-year the low-cost airline has attempted to significantly improve the level of service provided to passengers, a strategy which appears to have paid off.
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