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China stocks mixed in Asia, July 11

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bull_bear3 July 11, 2011 (Chinavestor) Investors in Hong Kong turned defensive at the beginning of the week after dismal U.S. jobs report last Friday. The Hang Seng Index (INDEXHANGSENG:.HSI) fell 379.2 points or 1.7% to 22,347.23 by the end of the trading session. But investors on the Mainland turned bullish as trading went on, sending the Shanghai Composite Index (SHA:000001) 4.9 points or 0.2% higher. The Central Bank of China raised interest rates for the third time in 2011 last week but with slower global growth in sight, the pace of interest rate hikes is about to slow.

U.S. indices fell hard last Friday following a disappointing June jobs report. June non-farm payrolls increased by well under 100,000 for the second months in a row, sending unemployment to 9.2%. All but six components of the DJIA fell on the news sending global indices lower on Monday. The sell-off was universal in Hong Kong as well, only four out of 42 components of the Hang Seng Index (INDEXHANGSENG:.HSI) advanced. Airliners advanced as price of oil fell under $95 again. But resource plays suffered along with energy and industrials.

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Chinese ETFs suffered a heavy blow last Friday, trailing the DJIA lower. But outlook is just as difficult if trading in Asia was a proxy ahead of the opening bell on Monday. All but one component of the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) advanced. Small caps were somewhat better, stocks that fell outnumbered those that advanced ten to one among components of the Guggenheim China Small cap ETF (NYSE:HAO).

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