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Europe, economic news take driver seat

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economy_1 October 5, 2011 (Chinavestor) With both key Chinese stock markets closed on Wednesday, economic indicators and European trading will be in focus ahead of the opening bell in the U.S. The Hong Kong Stock Exchange is closed for just one day, Wednesday, in observance of a National Holiday. But the Shanghai Stock Exchange has shut down for all week. American indices soared in late afternoon trading on Tuesday as news broke out that European officials were working on to replenish capital of major banks. Chinavestor research suggested earlier the day that Europe can't afford tiny Greece to default. Related story: ECB has tools to avert Greek default. News sent the Dow Jones Industrial Average (INDEXDJX:.DJI) soaring over 400 points in the last hour. The index closed 153.41 points higher for the day erasing earlier losses. Oversold Chinese technology stocks soared, solar and internet stocks taking the lead. Jinko Solar (NYSE:JKS), Suntech Power (NYSE:STP) surged over 20% followed closely by Yingli Green Energy (NYSE:YGE).

Looking at the economic calendar for the day, the ADP September employment report is first on the menu. 75,000 jobs are to be created according to concensus estimates. The Institute for Supply Management will release Spetember non-manufacturing index on Wednesday.

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But is wasn't a cake walk for all Chinese ADRs. Reverse merger Chinese stocks took another hit after ChinaCast Education (NASDAQ:CAST) sent a letter to shareholders indicating that an independent firm will audit its cash balance and the aggressive share buyback program will be halted. Related story: Chart of the day: CAST nose dive China Green Agriculture (NYSE:CGA) fell 10.6% along with American Oriental (NYSE:AOB).



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