Commodity Producers Decline on Earnings Concern: China Overnight
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Chinese stocks fell the most in a week in New York as PetroChina Co.’s lower-than-estimated 2012 earnings stoked concern other commodity producers will also report disappointing results.
The Bloomberg China-US Equity Index of the most-traded Chinese stocks in the U.S. dropped 1.1 percent to 91.35 yesterday for the biggest decline in six days. Yanzhou Coal Mining Co. slid to a six-month low and China Petroleum and Chemical Corp. sank the most in six weeks before earnings release scheduled for today. PetroChina slipped 2 percent, while Suntech Power Holdings Co. tumbled to a record low after banks petitioned for its bankruptcy.