[johnjonds]

Global luxury sales are estimated to edge up just 2 percent growth on sales of 217 billion euros this year, down from double-digit growth in the previous three years. nike shox turbo 13 SHANGHAI stocks advanced to a three-month high today, led up by property developers and financials, as investors turned away from small caps and flocked to blue chips.

"The valuation of A shares was depressed by strengthened uncertainty over China's short-term economic growth after China posted weaker-than-expected PMI data," a report by Guotai Junan Securities said. "Uncertainties about the regulation on the financial market and economic growth model under the new government also weighed on the stock market," the report said. China Shenhua Energy Co, the nation's biggest coal producer, lost among coal producers, falling 1.1 percent to 20.27 yuan, after posting a 1.2 percent year-on-year decline in first-quarter net profit. Shanxi Lanhua Sci-Tech Venture Co fell 3.8 percent to 17.04 yuan. Shanxi Lu'an Environmental Energy Development Co lost 2 percent to 15.64 yuan. "Coal demand from downstream industries remained sluggish due to economic weakness and profitability of coal producers will continue to fall as coal price is expected to decline further during the off-season," China Credit Rating Co said in a report today. http://www.mgmrh.com.br/form.php?blusas-hollister/ Chinas money market rates fell yesterday after the central bank again injected funds through open market operations to pump up liquidity and guide interest rates downward. The benchmark weighted-average seven-day bond repurchase rate fell 74 basis points to 3.15 percent yesterday, down from the previous close of 3.89 percent. The overnight rate lost 12 basis points to 3.18 percent, while the 14-day rate edged down by 3 basis points to 4.62 percent. The Peoples Bank of China injected 15 billion yuan (US$2.43 billion) by issuing 14-day reverse bond repurchase agreements yesterday. The central bank has injected a net 20 billion yuan into the market this week. The auction rate on the 14-day reverse repos was 4.10 percent on average, down 40 basis points from 4.50 percent last week. Additionally, the reverse repos issued by the central bank on Tuesday received an average auction rate of 4 percent, also down 40 basis points from a week earlier. Analysts said the falls signaled that the central bank intends to guide money market rates lower and keep them stable in the near term. "Liquidity will gradually return to a neutral level in the third quarter," China Galaxy Securities said in a latest research note. "Banks have made adjustments in liquidity management and asset allocation after a comprehensive review of the cash squeeze in June, which is expected to take effect in at least three months." A cash squeeze in Chinas interbank market in late June sent money market rates racing above records. The conditions have been easing since July and the phenomenon is unlikely to repeat in future, Wei Zhen, a fund manager at Bosera Asset Management Co, suggested in a note yesterday.