October 1, 2010 (Chinavestor) Both main Asian markets for Chinese stocks were closed on Friday in observance of the National Day Holiday, giving no indications about the mood of investors in the region. The Hong Kong Stock Exchange is going to open on Monday, October 4 while Mainlanders will take a longer break, all the way till October 7.
That leaves us with limited news for the first day of October. Index futures point to a higher open as European markets rose and investors are optimistic in the U.S. about consumer spending and manufacturing. Talking about manufacturing: latest data shows industrial output accelerated in China,
suggesting the double dip theory is loosing steam. September reading was the best in four months, spurring debate what the government in China is going to do about cooling off growth before it spins out of control.
Treasury Secretary Timothy Geithner suggested trade war with China is not an issue despite the House's approval of a trade bill, aimed at labeling China as a currency manipulator. The Senate will not pick up the bill until November elections, said Charles Schumer, a strong supporter of the action.