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Spain, Italy drive markets globally

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forecast1 June 12, 2012 (Chinavestor) European news and perceptions continue to drive markets world wide. The DJIA fell sharply on Monday after a strong open as investors got uncomfortable with no further details about Spain's bank rescue package. Stocks opened lower in Hong Kong the next day but gained momentum as anxiety subdued. DJIA index futures point to a higher open again, but that may change as market sentiment changes from time to time.

China Southern Airlines (HKG:1055) rose the most in Hong Kong after announcing plans to sell shares to its parent company worth $314 million. The company has a debt to equity ratio above industry average. Analysts see the move as China's way of injecting cash into its carriers. China Eastern Airlines (HKG:0670) rose 3.6%, trailing its larger rival.

But Chinese shipping companies gave back most of their gains from yesterday. China COSCO (HKG:1919) fell 4.2% while CSCL (HKG:2866) declined 4.7%, the most among components of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI).

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