Fundametals and Market Wraps:
US:
Share markets slumped because the sub-prime mortgage market's woes.Countrywide Financial ,the largest mortagage lender in the US,reported a decline in quarter profit.The Dow lost nearly 224 pts ,with Nasdaq and S&P all suffer loses.
US treasuries rose.10yr yields fell tp 4.92,and 2yr fell to 4.75pct.
Crude oil prices decresed sharply,as OPEC's second largest producer,Iran,announced to boost oil supplies.

Australia:
The ASX 200 closed down 82 pts after loses in major share markets(Dow,FTSE).Al,Copper,Lead,Nickel in LME were all down,which lead to the weakess of mining sector.Alumia,which claimed that currency will hit their profits ,dropping by 7%,while BHP and RIO 2%.

China:
Interest rate hike may affect the electricity indusry:
CPI in June reached as much as 4.4%,we thinks that it is a signal of economy overheating.The government's policy tends to reduce the consumpsion of coals,which .I view this ,will lead to the increase of price of coal.This is good news to coal industry companies.But,at the same time,we should turn to the electricity sectors.According to TXTZ,the price of electricity will not rise recently,since if the price of coal and electricity go up together,with the increase of oil price(probably),CPI may......
By the way,the electricity industy have the largest proportion of long-term debt,interest rate hike means more interest payment and lower profit.Keep away from them.
Today's share market's gain is a robust one.It rose every hour ,with higher volumes,according to 1H chart.

Shares commended:
西山煤电:Though the price of the share rose a lot recently,we still view it as undervcalued ,not only because of its form equity investment,but also the future increase of coal.Moreover,technical analysis indicates that it is in the uptrend,though will encounter 获利回吐 tomorrow or the day after tomorrow.