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DJIA, China ADRs plummet as Greece's crisis looms

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decline2 May 6, 2010 (Chinavestor) The DJIA fell over 1,000 points but finished the day -3.2% thanks to a last hour rally. The sell-off was universal, each and every component of the DJIA ended the day lower. This sell-off was similar to Shanghai earlier today when each and every component of the SSE-50, the index tracking the fifty largest publicly traded China stocks, fell.  Chinese ADRs suffered along U.S. indices; energy, solar and real estate stocks feeling the heat the most. Price of the crude fell 3.6% to $77.11 hurting energy stock while solar plays suffered under the stronger dollar in addition. Strong earnings lifted China Automotive Systems (NASDAQ:CAAS) but 90 percent of Chinese ADRs ended the day in the red.

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The panic on Wall Street was a result of Greece's difficulty to shove down the tightening measures on people's throat. Violent demonstrations crippled public services and the nation, making investors wonder if Greece can be saved from bankruptcy. This risk lifted the dollar to a 14 month high against the euro, hurting energy, commodity prices but pushing the gold to a fresh 5 months high. Treasuries soared as investors quit equity markets and found safety in government bills.

On the Chinese stock level, oil, solar, and real estate stocks suffered the most. To indicate the strength of the sell-off, consider that the ten worst performing Chinese ADR fell over -10%  each for the first time in 2010.

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China Automotive Systems (NASDAQ:CAAS) reported solid 2010 first quarter financials before the open on Thursday. Shares of the company  advanced $.92 or 5.02% by the end of the day.



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