HONG KONG May 7 Hong Kong shares may start
higher on Tuesday, tracking Wall Street's strength on solid
earnings and a brighter economic outlook.
On Monday, the Hang Seng Index rose 1 percent to
22,915.1 points. The China Enterprises Index of the top
Chinese listings in Hong Kong gained 1.4 percent.
Elsewhere in Asia, Japan's Nikkei was up 2.7
percent, while South Korea's KOSPI was down 0.2 percent
as of 0045 GMT.
The U.S. S&P 500 closed at another record high on Monday.
FACTORS TO WATCH:
* China's cabinet has called for the drafting of detailed
plans to help achieve full convertibility of the yuan
, raising the prospect of accelerating reforms to free
up the currency eventually.
* HSBC is expected to almost double
first-quarter profits to about $8 billion on Tuesday, helped by
a fall in costs and bad debts and showing the benefits of a
three-year restructuring that is nearly complete.
* About 500 striking workers at a port operated by
billionaire Li Ka-shing's Hutchison agreed to a 9.8
percent pay rise on Monday, ending one of the city's
longest-running industrial disputes that has diverted traffic
from the world's No. 3 container port.
* Macau casino operator SJM Holdings Ltd,
controlled by the family of gambling tycoon Stanley Ho, posted a
12 percent year-on-year increase in first-quarter net profit,
buoyed by strong interest from cash-rich Chinese gamblers.
* BG Group said on Monday it has signed a binding
$1.93 billion agreement with Chinese oil firm CNOOC to
supply liquefied natural gas (LNG) and for an equity stake in
BG's Queensland Curtis LNG project in Australia.
* China Vanke, the country's largest real estate
developer, said on Monday it sold 12.4 billion yuan ($2
billion)of property for the month of April, up 67.6 percent from
the previous year.
* Vale SA , the world's largest iron ore
producer, obtained a government environmental operating license
for a rail line to the S11D expansion at its giant Carajas mine
in the Brazilian Amazon, according to a securities filing on
* Home appliances retailer GOME Electrical Appliances
Holding Ltd said it expects to record an increase
in profit for the first quarter of 2013 compared with the
year-ago period due to higher sales.
* Sports shoe maker Yue Yuen Industrial (Holdings) Ltd
said its performance in the first three months of 2013
worsened significantly compared with a year earlier due to
rising costs and lower operating efficiency. It said its results
for the first interim period are expected to be adversely and
materially affected.(Reporting by Yimou Lee and Donny Kwok; Editing by Chris