Reply To: Traders Market Weekly: Valuation Matters in Earnings Season

#39729
Truman
Participant

In Asia, China closed flat while Japan rose 1.0%. The Shanghai Composite tussled with the neutral zone for the bulk of the session and finished right around the flat-line. The Chinese benchmark was unable to benefit from better than expected Caixin Services PMI data. The June print surged to 54.5, well above the consensus of 49.7 and up from the May reading of 41.4. In Japan, the Nikkei was led higher by heavyweights Fast Retailing and SoftBank, which rallied 4% and 2%, respectively. Meanwhile, shipping stocks Kawasaki Kisen Kaisha and Mitsui O.S.K. Lines sank 3-4%.

In Europe, the major bourses are down on the day. Financials are off to a weak start with lenders such as Deutsche Bank, Societe Generale and Credit Agricole falling 2-3%. Despite metal futures having a muted day, mining stocks are under pressure. Names such as Glencore, Anglo American and Antofagasta have shed 3-4%.
Market Updates