Todd Martin News
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The biggest two-day rally in the Hong Kong-traded shares of Chinese companies since 2008 signals mainland stocks may rise after a one-week holiday on speculation inflation is slowing and the European debt crisis may be contained.
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China’s stock futures rose, signaling gains for the benchmark index, after retail sales jumped during a week-long holiday and the biggest two-day rally in Hong Kong-traded shares of Chinese companies since 2008.
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Most global investors predict Chinese growth will slow to less than half the pace sustained since the government began dismantling Mao Zedong’s communist economy three decades ago, a Bloomberg poll indicated.
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China stocks are on the verge of a “massive short squeeze,” Societe Generale SA said, citing recent equity declines, rising short volumes and European restrictions on short sales.
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China’s benchmark stock index rose, climbing from its lowest close in 14 months, on speculation European policy makers will act to prevent the region’s debt crisis from worsening.
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Chinese stocks face “challenges” this year because the government is unlikely to ease measures to stem inflation even as global economic growth slows, said Jefferies Group Inc.’s head of Hong Kong and China Research.
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Japan’s Topix declined for a sixth day, erasing almost all of its gains since the March earthquake, as ripple effects from Standard & Poor’s downgrade of the U.S.’s credit rating roiled global markets.
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China’s stocks reached a “bottom” in June and may trade range bound for a while, according to Todd Martin, equity strategist in Asia for Societe Generale.
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European stocks climbed from a two- year low, snapping a seven-day slump in the benchmark Stoxx Europe 600 Index, amid speculation the Federal Reserve will act to restore confidence in the markets.
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