Economics
Stocks Slide in U.S. as Slowdown Eats Profits: China Overnight
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Chinese equities traded in the U.S. sank to the lowest level in three weeks on concern a slowdown in the world’s second-largest economy is eroding profits.
The Bloomberg China-US Equity Index of the most-traded Chinese shares in the U.S. slid 2 percent to 103.34 yesterday in New York, the weakest close since March 7. Cnooc Ltd., China’s biggest offshore crude explorer, dropped to a two-month low as oil plunged and analysts predicted the company’s 2012 net income will decline. China Life Insurance Co., which reported a 46 percent slide in 2011 profit, dropped the most in a week.