October 16, 2012 / 12:55 AM / in 5 years

Hong Kong shares seen higher, positive U.S. data supports

HONG KONG, Oct 16 (Reuters) - Hong Kong shares could start
higher on Tuesday, buoyed by gains on Wall Street after positive
U.S. retail sales data and Citigroup Inc's 
better-than-expected third-quarter earnings.
    U.S. retail sales rose 1.1 percent during September, data
that could lift Li & Fung, a supply chain manager for
the likes of Wal-Mart Inc and Target.
    On Monday, the Hang Seng Index closed up 0.1 percent
at 21,148.3 as turnover in Hong Kong neared a two-week low.
    Elsewhere in Asia, Japan's Nikkei was up 0.9
percent, while South Korea's KOSPI was up 0.6 percent at
0048 GMT.
    * Chinese corporate profits show no sign of a second-half
recovery as analysts cut earnings estimates in September by the
most in 2-1/2 years, a red flag for investors who expect the
world's second biggest economy to start picking up soon.
    * Sinopec Corp dropped its $2.2 billion bid with
ENN Energy Holdings for China Gas due to
regulatory hurdles, a defeat for acquisitive Chairman Fu Chengyu
in what would have been the first unsolicited takeover of a
Chinese company. 
    * Sinopec Kantons Holdings, a unit of state-owned
Sinopec, will pay 128.6 million euros ($166.76 million) for a 50
percent stake in Vesta Terminals, the first major move by a
Chinese state company into European oil storage. 
    * A senior executive at China's Geely Automobile Holdings
Ltd said he was unaware of talks on a possible cash
infusion into struggling taxi manufacturer Manganese Bronze
Holdings PLC. 
    * Industrial and Commercial Bank of China Ltd
(ICBC) , the world's biggest lender by market
value, will launch a financial product that gives clients
exposure to oil markets by as early as the end of this year, two
sources told Reuters on Monday. 
    * Luxury retailers could come into focus after LVMH
 sounded the latest warning that luxury consumers are
tightening their purse strings as it posted a further slowdown
in comparable sales growth in the third quarter to 6 percent.
    * Jiangxi Copper Company Ltd , the top
copper producer in China, plans to cut domestic sales and
increase exports of the metal next year to take advantage of
strong copper prices on the London Metal Exchange, a senior
executive said. 
    * A shareholder is selling 38.3 million shares of top
instant noodle maker Tingyi Holdings Corp at up to
HK$24 per share, raising about $120 million, according to a term
    * Next Media Ltd, controlled by Hong Kong media
mogul Jimmy Lai, will sell all of its Taiwan newspaper, magazine
and online video assets to a Taiwanese consortium for around
$600 million, media reports said on Tuesday. 

 (Reporting by Clement Tan and Donny Kwok; Editing by Edwina

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