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Chinese stocks recover in Asia as EU saves euro

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advance7 May 10, 2010 (Chinavestor) The Hang Seng Index (INDEXHANGSENG:.HSI) jumped over 500 points in Hong Kong, the most in 2010, as European finance ministers put together a $1 trillion package to support the euro. The rally was universal, stocks that advanced outnumbered those that fell twenty to one. Airliners fell as the oil surged while commodity, oil, energy, financial and real estate stocks advanced.  China Telecom (HKG:0728) (NYSE:CHA) advanced +6.5%, making it the best performing HKEx-NYSE cross-listed blue chip.

Trading in Shanghai was less enthusiastic. The Shanghai Composite Index (SHA:000001) rose 10.4 points or +0.4% to 2,698.76 by the close. Stocks that advanced outnumbered those that fell six to one. Real estate, resource and financial stocks led the rally, but gold miner Zijin Mining (SHA:601899) fell-1.0% as price of gold tumbled.

pre_2010510_etf

China bounced back to a trade surplus in April after a surprise deficit a month ago. Customs data show that China's April trade balance was $1.68 billion, an improvement from a 7.24 billion trade deficit in March. Chinese CPI and PPI numbers are going to be watched closely this week.

Chinese ADRs are expected to rally on Monday not just on the back of overall market sentiment but on their own merit. Chinese ADRs are oversold and were just waiting for the right catalyst.

pre_2010510_hk

Monday and Tuesday are busy on the earnings front; ReneSola Ltd. (NYSE:SOL), ChinaCast Education (NASDAQ:CAST), CDC Corp. (NASDAQ:CHINA), Mindray Medical (NYSE:MR) and VisionChina Media (NASDAQ:VISN) are going to report on Monday. China stocks earnings calendar, May 10-14.

U.S. and Chinese equity markets have become oversold, as the following chart testifies. Expect an all over the board rally to take place on Monday.

index_2010510

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