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China stocks make a strong comeback in Asia on Monday

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Asia_1Nov. 30, 2009 (Chinavestor) When investors thought that the global recession is winding down, Dubai threw a curve ball. Primary losses from a debt default is estimated to around $70 billion not counting possible ripple through effects. But considering that Goldman Sachs has $20 billion in the bonus pool for 2009, Dubai's woes seem manageable. After the first initial shock last Friday investors got back to their senses, sending Asian and particularity Chinese shares higher on Monday. Chinese stocks rebounded both in Hong Kong and Shanghai led by financials and consumer staples.

Just to highlight the extreme volatility of the last two days in Hong Kong, consider this: each component of the 44 member Hang Seng Index rose on Monday, a 100% opposite of last Friday when all those 44 stocks fell. Remember, this is the first time in 2009 that each and every component moved to either direction in a single day. NYSE-HKEx cross listed Chinese airliners were strong and of interest to American investors with a China edge. China Eastern Airlines (HKG:0670) (NYSE:CEA) advanced 4.0% on Monday lagging after Air China's 4.7% advance but outperforming bigger rival China Southern Airlines (HKG:1055) (NYSE:ZNH).

The economic calendar is busy for the upcoming week with all eyes on jobs data on Thursday and Friday. Index futures point to a narrow open on the back of modest Black Friday retail numbers. For stock specific information, please read today's overbought/oversold report.

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Chinese indices are still lower for last week despite a strong  comeback on Monday. The Hang Seng Index fell over 1,000 points last Friday and jumped back 680 points on Monday, leaving more the index off 300+ points for the week. But the dramatic fall of the treasuries suggests strong performance for indices in the U.S. The Chinese real estate ETF, NYSE:TAO), seems way oversold compared to the rest of the universe and offers upside potential.

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