nick parsons, head of strategy at national australia bank. still to come in this hour, tiny stocks recoup early losses, but investors remain cautious as signs emerge that big institutions may be pulling out of the market. can the reason pull the rest of the world out of recession? ccccc >>> welcome back. china stocks ended higher today. meanwhile, china's everbright shares staged a subdued debut. >> it's not what you expect from chinese ipos, right? it managed a rise to 2,910. that puts the year-to-date gains at 1.2%. property and financials underperformed. take a look at everbright securities. the stock had a less than stellar debut, up 30%, but off its incident tra day high of 30 yuan. this is the weakest 30-day gain of eight ipos we've had this year. it was curbed by the uncertain outlook after a depressing monday performance. but the valuation was 50 times ipo earnings. now the market is back to where we were two months ago, which is to be expected. ahead of fundamentals, i should say, average pe ratios stood at 32 at the recent peak. the