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Chinese stocks lack direction before jobs data

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teleconf_1 January 10, 2014 (Chinavestor) US listed Chines stock suffered heavily on Thursday as Chinese export growth data disappointed. The China ADR Index, compiled by Chinavestor, fell 12.6 points or 1.67% far underperforming the Dow. The US benchmark shed a mere 18.0 points or -0.11% as investors were waiting for the all important jobs numbers. The ADP report suggested a strong, 238,000 non farm payroll number but the Labor Department reported a much weaker 77,000 jobs growth for December.

Before the latest numbers were out, the Hang Seng Index (INDEXHANGSENG:.HSI) advanced modestly by 58.9 points or 0.26%. The question is where the market is going to go from here. Sound jobs growth may trigger a faster tapering but index futures dropped significantly over weak jobs numbers this morning. There is a lot of uncertainty what the market actually is going to do.

On a stock level, Huaneng Power (HKG:0902) rose 4.0% in Hong Kong, foretelling a similar advance for its ADR, ticker symbol HNP. But most components of the Hang Seng Index fell despite an overall slight increase for the index. That's due to a few, large H-shares that rose while the majority of the 50 member index members fell.

 

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