Hong Kong shares seen higher, China trade data in focus
HONG KONG, July 10 (Reuters) - Hong Kong shares could start slightly higher on Tuesday ahead of China trade data expected later in the day that could stoke concerns that monetary and fiscal policy easing has failed to head off hard landing risks for the economy. The strength of China's imports will offer a litmus test of domestic demand in the world's second biggest economy when trade data for June is published on Tuesday, as global investors seek to gauge Beijing's ability to avoid a deep downturn in growth. On Monday, the Hang Seng Index closed down 1.9 percent at 19,428.1, back below its 200-day moving average, currently at 19,559.2. This level is now seen offering near-term chart resistance. Elsewhere in Asia, Japan's Nikkei was up 0.7 percent while South Korea's KOSPI was up 0.2 percent as of 0047 GMT. FACTORS TO WATCH: * Shares of personal computer-related stocks are expected to be in focus after chipmaker Advanced Micro Devices warned on Monday that its second-quarter revenue would be down about 11 percent from the prior quarter due to softer-than-expected sales in China and Europe. * London Metal Exchange (LME) shareholders will vote on July 25 on a 1.4 billion pound ($2.2 billion) takeover offer by the Hong Kong Stock Exchange, which could deliver a payout of 7.4 million pounds for the LME's chief executive. * Prudential Plc and Manulife are among four potential buyers that have made it through to a second stage of bidding for Aviva's insurance business in Malaysia in a deal worth about $500 million, sources said. AIA Group Ltd and Sun Life Financial Inc have also been short-listed in an auction process that attracted about 10 suitors in the first round, the sources added. * China's top refiner Sinopec Corp will lift less crude oil from Saudi Arabia for August because of refinery maintenance although the cuts will be less than that for July, an industry source said on Monday. * Nigeria's supreme court has ordered Russia's RUSAL , the world's largest aluminium producer, be stripped of ownership of the former state-owned Aluminium Smelter Company of Nigeria (ALSCON) because the assets should have gone to another bidder. * Chinese sportswear brand Li Ning Co Ltd said its licensee LN PLUS IBEROAMERICA S.L announced bankruptcy due to deteriorating market conditions in Spain. Li Ning said it had directly handled sponsorship agreements with the Spanish Basketball Federation and said Li Ning brand's revenue from Spain accounts for a minute portion of its business as a whole. * China WindPower Group Ltd said it expected to record a significant drop in first half net profit due to falling gains from disposals of interests in wind power projects and reduced electricity output from its units. For statement, here * Chaowei Power Holdings Ltd, a lead-acid battery producer for electric vehicles, said it expected to see its revenue and net profit for the first half of 2012 more than doubled as compared with a year ago period due to an increase in sales, expansion of production capacity and an increase in market share. For statement, here * Skyworth Digital Holdings Ltd said its China TV business unit recorded 10 percent year-on-year growth in its sales volume of flat panel TVs in June and overall TV sales volume growth of 19 percent for the month. It said overall sales revenue from TV sets for June rose 10 percent year-on-year. For a statement, here * Semiconductor Manufacturing International Corporation said Gareth Kung has been appointed as the Chief Financial Officer of the Company with effect from 9 July 2012. For statement, htt p://www.hkexnews.hk/listedco/listconews/sehk/2012/0709/LTN20120709200.pdf (Reporting by Clement Tan and Donny Kwok; Editing by Eric Meijer)
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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.