HONG KONG, June 10 (Reuters) - Hong Kong shares are seen rebounding from two days of losses on Wednesday, likely helped by inflation data from China, which is expected to show consumer prices fell less steeply last month than in April. The data is due at 0200 GMT on Wednesday.
China's monthly data deluge this week is expected to show the economy is on the path to recovery, even if the pace may be slower than some had hoped, according to economists and analysts polled by Reuters.
Also seen supporting gains, U.S. crude futures hit a seven-month high near $71 per barrel, extending the previous session's 2.8 percent gain after data showed a sharp drop in U.S. crude inventories.
Consumer goods exporter Li & Fung will be watched after a customer of the company and one of Germany's biggest retailers, Arcandor filed for insolvency on Tuesday after the German government rejected its pleas for emergency state aid.
The benchmark Hang Seng Index sank for a second straight session on Tuesday, ending down 1.1 percent at 18,058.49 with big gainers in the recent rally sold down as investors fretted over their valuations.
STOCKS TO WATCH-
* China Coal Energy said its coal sales volume in May fell 5.9 percent from a year earlier and total sales for the first five months dropped 14 percent, of which self-arranged export sales plunged 91.1 percent in May and dived 79.2 percent for the Jan-May period. For statement please click http://www.hkexnews.hk/listedco/listconews/sehk/20090609/LTN20090609475.pdf
* Ping An Insurance, an insurer 16.8 percent owned by HSBC <0005.HK>, is eyeing a 30 percent stake in Shenzhen Development Bank in a deal worth about 20 billion yuan ($2.93 billion), the South China Morning Post reported citing sources.
Shares in Ping An which have not been trading since Monday, remain suspended.
* LCD TV maker TPV Technology said its consolidated revenue for the first quarter fell 42 percent year on year to US$1.4 billion and profit fell 67.2 percent to US$14.9 million due to a much lower average selling price and a sluggish PC monitor market.
For statement please click http://www.hkexnews.hk/listedco/listconews/sehk/20090609/LTN20090609608.pdf
* Hotel operator Golden Resorts said it would sell 1.48 billion new shares at 0.185 each to a major shareholder, raising HK$273 million for working capital and to fund future investment. For statement please click http://www.hkexnews.hk/listedco/listconews/sehk/20090609/LTN20090609605.pdf
* Geely Automobile said its holding in Manganese Bronze would be diluted to 19.97 percent from 22.69 percent on completion of a HK$125 million share sale by Maganese. For statement please click http://www.hkexnews.hk/listedco/listconews/sehk/20090609/LTN20090609604.pdf
* Investment firm China Solar Energy plans to issue up to 2.79 billion rights shares in the proportion of one rights share for every two shares held at HK$0.08 each, raising HK$222.88 million for working capital, to repay loans and fund investment. For statement please click http://www.hkexnews.hk/listedco/listconews/sehk/20090609/LTN20090609595.pdf
* China National Materials said it planned to issue 1.7 billion-4.2 billion yuan in five-year interim notes, raising capital to meet operational needs and improve its debt structure. For statement please click http://www.hkexnews.hk/listedco/listconews/sehk/20090609/LTN20090609485.pdf
----------------------MARKET SNAPSHOT @ 2304 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 <.SPX> 942.43 0.35% 3.290
USD/JPY
(Reporting by Parvathy Ullatil; Editing by Chris Lewis)