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Specifically, China's Shanghai Composite ended at 3008.15, its highest finish since June 2008.
The optimism stems from strong manufacturing data out of Beijing; the official purchasing managers' index (PMI) for June rose to 53.2 from 53.1 in May, consolidating for the fourth month in a row above the watershed mark of 50.
A reading over 50 indicates an expansion in manufacturing sector, while one below 50 suggests contraction.
The bullish data helped lift the price of metals as well as shares of natural resource companies like Freeport-McMoRan [FCX
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What’s the trade?
China’s coal imports are up 73% in the first half of the year, says Pete Najarian. I’d play that with Peabody [BTU
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] which is headquartered here in the US.
I’d play it with the CurrencyShares Australian Dollar Trust [FXA
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] , counsels Joe Terranova, because Australia exports a lot of the resources that China is using.
I look at China as a consumer play, says Tim Seymour. Yingli [YGE
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] and Suntech Power [STP
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] are names I l like.
- Trading in this Technicals-Driven Market
- HALFTIME REPORT: How to Trade Senator Dodd's Financial Reforms
- Your First Move For Tuesday November 9th
- Web Extra: The Dow's Only Loser
- Pops & Drops: Altria, Potash...
- Tech: The Trade of the Year?
- A Revitalized Credit Card Industry?
- Pure Plays For a Weak US Dollar
- Halftime Report: Retail - The Next Sector to Pop
- BEHIND THE MONEY: 'The Onion' as Trading Indicator
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Trader disclosure: On July 1st, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour Owns (AA), (AAPL), (BAC), (BX), (F), (NUE), (EEM); Seymour's Firm Owns (FCX), (YHOO); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU; Terranova Owns (XBI), (ABT), (MSFT), (UUP), (RIMM; Najarian Owns (F) Call Spread; Najarian Owns (GS) Call Spread; Najarian Owns (INTC) Call Spread; Najarian Owns (JPM) & Short (JPM) Calls; Najarian Owns (PALM) call Spread; Najarian Owns (YHOO) Call Spread; Najarian Owns (ELN) Calls
Data is a real-time snapshot *Data is delayed at least 15 minutes