February 7, 2011 (Chinavestor) With Chinese markets closed for the rest of the week, U.S. listed Chinese stocks are finding direction from earnings and overall market sentiment. World markets were buoyed on Monday by hopes that the world economy is recovering. Copper - an important construction material - and Treasury yields were all higher Monday morning as traders prepare for the week.
Some of the most important economic news over the week include Fed Chairman Ben Bernanke's testimony about the U.S. economy on Wednesday and a U.S. Treasury report highlighting budget deficit on Thursday. University of Michigan will release preliminary numbers of consumer confidence, another important driver.
On the earnings front, Chinese companies are going to continue to report albeit at a slower pace than last week. Baidu.com Inc. (NASDAQ:BIDU), the largest NASDAQ listed Chinese company, dominated the Internet sector last week after rocking a house with a triple play. The company beat revenue and earnings estimates plus guided above anaysts' forecast. The upcoming week will Chinese solar plays starting to report, giving insight into the sector.