February 8, 2011 (Chinavestor) While stock markets are closed in China in observance of the Chinese New Year, the Central Bank of China raised the interest rates to curb inflation on Tuesday. The Chinese politburo expressed concerns about inflation last November when it rose to 5.1%, a 28 months high, suggesting more fiscal tightening is about to come.
On the corporate front, the week is light when it comes to earnings. Only a handful of small cap Chinese companies are scheduled to report. See weekly earnings calendar here.
On the economic front, the Labor Department will release job openings numbers for December today. But it will be FED Chairman Ben Bernanke's testimony in front of the House Budget Committee about the economy on Wednesday that will move markets. The U.S. Treasury will report budget deficit numbers for January on Thursday, February 10 followed by the University of Michigan's preliminary numbers on consumer sentiment for the month.