March 8, 2010 (Chinavestor) Shares of Chinese companies pulled Hong Kong stock higher and advanced in Shanghai following a slew of positive developments. Chinese policy makers suggested a slow exit from the stimulus as the trade surplus was shrinking thus easing pressure on the yuan. Shares of Industrial and Commercial Bank of China (HKG:1398), the largest financial institution in the world by market cap, surged +2.07% in Hong Kong after announcing that the company has no plans to raise capital despite a 24% sure in lending in 2009. Additional boost for the international markets came from the U.S last Friday as jobless numbers suggests the world's largest economy is turning a page on jobs losses.
Earnings are in focus for Chinese ADRs ahead the bell on Monday. Shares of Yingli Green Energy (NYSE:YGE) are in the red ahead the open following worse then expected earnings. CDC Corp. (NASDAQ:CHINA) is scheduled for today with more earnings coming up after the close today. See China stocks earnings calendar March 8-12.
Momentum is building back up for Chinese indices and ETFs. Global shipping is lagging behind the recovery, a situation that won't last for too long. Expect the Claymore/AlphaShares Global Shipping ETF (NYSE:SEA) to show strength in the upcoming days. Price of oil is trading above $80/barrel but is not overbought, according to the following chart.
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