Pursuits
Manufacturing Index Sinks ADRs as Suntech Down: Overnight
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Chinese equities traded in New York fell for a third day on concern the government’s pledge to boost growth won’t be enough as the weakest manufacturing data in eight months add evidence of a slowdown in the Asian economy.
The Bloomberg China-US Equity Index of the most-traded Chinese companies in the U.S. lost 0.5 percent to 86.36 yesterday in New York. Focus Media Holding Ltd. slid the most in three weeks while Yanzhou Coal Mining Co. rose to a four-week high after HSBC Holdings Plc rated the stock neutral in a first-time recommendation. Suntech Power Holdings Co. lost 36 percent in a three-day tumble after analysts raised questions about the world’s biggest solar maker’s ability to refinance debt.