Baidu Hits 2-Week High as Rate Cut Spurs Rally: China Overnight
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Chinese stocks traded in the U.S. gained as Baidu Inc., the nation’s largest online search engine, rose to a two-week high after policy makers cut interest rates for a second time in a month to bolster growth.
The Bloomberg China-US Equity Index of the most-traded Chinese companies in the U.S. rose 0.8 percent to 92.49 by the close of trading in New York, the highest level since June 20. Baidu advanced 2.2 percent while Sina Corp., operator of the Twitter-like Weibo service, extended the longest stretch of gains in two weeks. China Unicom (Hong Kong) Ltd. jumped the most in two years after HSBC Holdings Plc raised its recommendation on the shares of the nation’s second-largest wireless carrier.