Economics
China’s Stocks Drop on Concern Over Inflation, Slowing Growth
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China’s stocks fell for the third time in four days as a jump in the nation’s food prices fueled concern inflation will quicken and Greece’s debt crisis boosted speculation global economic growth will slow.
Industrial & Commercial Bank of China Ltd., the world’s biggest bank by market value, led losses for lenders after money-market rates jumped the most in three months. Anhui Conch Cement Co., China’s largest cement maker, slid to the lowest level in two months after Goldman Sachs Group Inc. said stock gains for building materials makers may be “muted.” Baoshan Iron & Steel Co. declined 1.3 percent after Xinhua News Agency said the company faces power curbs in the next three months.