China's Positive Manufacturing Data And Expanded Stimulus Push Stocks Higher (FXI, X, MEE, BHP)
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Positive news from China is helping U.S. stocks this morning. China's manufacturing index rose for the third straight month and the Chinese government is expected to announce an expanded stimulus package.
China's Purchasing Manager's Index rose to 49 in February from 45.3 in January. The index is inching ever-closer to 50, which separates expansion from contraction.
There are signs that China's $585 billion economic stimulus package is taking hold and tomorrow Chinese Premier Wen Jiabao is expected to announce a new stimulus package.
Chinese stocks rallied on the news, as reflected in the iShares FTSE/Xinhua China 25 Index (NYSE: FXI) which is up 8% today.
A number of U.S.-traded commodity related stocks are are higher today on the positive signs from China, the world's third largest economy.
China's Purchasing Manager's Index rose to 49 in February from 45.3 in January. The index is inching ever-closer to 50, which separates expansion from contraction.
There are signs that China's $585 billion economic stimulus package is taking hold and tomorrow Chinese Premier Wen Jiabao is expected to announce a new stimulus package.
Chinese stocks rallied on the news, as reflected in the iShares FTSE/Xinhua China 25 Index (NYSE: FXI) which is up 8% today.
A number of U.S.-traded commodity related stocks are are higher today on the positive signs from China, the world's third largest economy.
- Steel: United States Steel Corp. (NYSE: X) +11%, AK Steel Holding Corp. (NYSE: AKS) +18%, Nucor Corporation (NYSE: NUE) +9%.
- Coal: Massey Energy Co. (NYSE: MEE) +14%, Patriot Coal Corporation (NYSE: PCX) +11%, Arch Coal (NYSE: ACI) +7%, Consol Energy (NYSE: CNX) +13%, Peabody Energy (NYSE: BTU) +9%
- Mining: BHP Billiton Ltd. (NYSE: BHP) +10%, Freeport-McMoRan (NYSE: FCX) +14%, Rio Tinto plc (NYSE: RTP) +12%.
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