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Italy, slower economy drag stocks in China

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forecast_down November 7, 2011 (Chinavestor) Chinese stocks dropped in Asia on Monday. The Hang Seng Index (INDEXHANGSENG:.HSI) fell 164.9 points or 0.8% as eyes are on a politically weak Italy. Any trouble in the third largest European economy will intensify selling riskier assets. Mainland investors sent the Shanghai Composite Index (SHA:000001) 18.5 points or 0.7% lower for the day after Premier Wen Jiabao was caught by a local TV saying that fiscal easing is only to come after property prices drop. Weak car sales in October suggested manufacturing is slowing and with no end of fiscal tightening on sight, investors had a good reason to stay bearish.

On the corporate front, CNOOC Ltd. (HKG:0338), China's offshore oil specialist, fell 2.2% after its planned take over of Argentine's Pan American Energy LLC collapsed, making it hard to meet oil production growth targets. The deal fell through after Argentine ordered oil and mining companies to expatriate future profits.

SAIC Motor (SHA:600104), the largest Chinese auto maker, fell 4.4% the most among the 50 largest components of the Shanghai Composite Index (SHA:000001). October car sales were weaker than expected, signalling demand is softening as China's economy slows.

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