July PMI data may sway the direction of trading in China on Wednesday.
The Shanghai Composite Index slipped 0.30 percent to 2103.63 on Tuesday, its second day of falls.
Chinese President Hu Jintao and Chinese Premier Wen Jiabao have given guidance for
The official July PMI will be out at 9 a.m. Beijing time, 30 minutes before the market opens. Analysts are expecting the reading to have picked up from June's 50.2. (A reading above 50 indicates expansion in the sector.) Meanwhile the final reading of the HSBC PMI, out at 10:30 a.m. Beijing time, is expected to be around the preliminary number issued last week — 49.5, a five month high as Beijing's stimulus measures started to filter through to manufacturing firms.
Stocks to Watch:
Huaneng Power International - The listed unit of China's top power producer posted an 87 percent surge in first-half net profit due to the carryover effect of last year's tariff adjustment and better cost controls.
Everbright Securities - The brokerage, one of China's top 10, earned 830 million yuan ($131 million) in the first half of the year, down 27 percent as commissions declined due to the sluggish market.
Coming Up This Week:
WEDNESDAY: Indonesian Trade Balance, Indian Trade Balance, Singaporean PMI, Japanese Monetary Base, Australian Trade Balance, Australian Retail Sales
THURSDAY: Hong Kong Retail Sales,
FRIDAY: Indian HSBC Services PMI, Indian Foreign-Exchange Reserves
—By Cheng Lei, Special to CNBC.com