According to MarketWatch Mainland Chinese stocks tumbled on
Monday after several corporate profit warnings and some downbeat comments on
the economy from Premier Wen Jiabao, while Australian and South Korean shares
advanced in the wake of strong U.S. earnings reports.
The Shanghai Composite Index CN:000001 -1.74% fell 1.6%, weighing on some other benchmarks
in the region. Hong Kong’s Hang Seng Index HK:HSI +0.01% gave up early gains to slide 0.1% in
afternoon trading, while Taiwan’s Taiex XX:Y9999 -0.20% ended 0.2% lower.
Chinese Premier Wen Jiabao said Saturday that his nation’s
economic rebound wasn’t yet stable and that hardship may continue for a period
of time, according to a state-media report. The comments followed government
data released Friday morning showing China’s second-quarter economic growth
slowed to 7.6% from a year earlier, compared to 8.1% in the first quarter….
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