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Shanghai closed, Hong Kong down in Asia on Monday

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Asia_1 May 3, 2010 (Chinavestor) The Shanghai Expo opened up this weekend and has attracted over 430,000 visitors over the weekend. The stock market was closed for the day on the Mainland. Traders in Hong Kong remained bearish following news that China may raise reserve ratios for banks as high as 18%. Weak U.S. market sentiment from last Friday took a toll on the market as well. Each and every component of the Dow Jones Industrial Average (INDEXDJX:.DJI) ended the day in the red. The sell-off was widespread in Hong Kong, too; stocks that fell outnumbered those that advanced seven to one among the 42 member Hang Seng Index (INDEXHANGSENG:.HSI) components. Overbought Yanzhou Coal (HKG:1171) fell -6.3%, the most among the index components. Expect Yanzhou Coal (NYSE:YZC) ADRs to follow suit. 

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On the earnings front, AsiaInfo Holdings (NASDAQ:ASIA) and Nam Tai Electronics (NYSE:NTE) are schedule to report first quarter earnings on Monday. For more earnings, see China stocks earnings calendar, May 3-7. Major U.S. economic news for the day include April auto sales and personal income and spending.

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Regarding ETFs, key indices and commodities, the retreat is universal except for oil. The oil spill in the Gulf and strong manufacturing data are key drivers in the price of oil. The Hang Seng Index (INDEXHANGSENG:.HSI) fell below that of the FXI, suggesting large cap Chinese ADRs are going to have a hard time on Monday.

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