Baidu Sinks as Index Falls Most Since September: China Overnight
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Chinese stocks trading in the U.S. posted the biggest weekly drop in three months as Baidu Inc. and Yanzhou Coal Mining Co. declined on concern the economic slowdown in the world’s second-largest economy is worsening.
The Bloomberg China-US 55 Index of the most-traded Chinese stocks lost 5.1 percent last week to 94.19 on Dec. 16, the biggest five-day slump since September. Baidu, owner of the country’s biggest search engine, has slid 12.3 percent since Dec. 9 after Credit Suisse AG cut its earnings estimates for the company. Yanzhou, China’s fourth largest coal producer, fell 9.6 percent last week to $20.84, representing a 3-cent premium over the shares trading in Hong Kong.