Baidu Slumps on Outlook as U.S. Trade Resumes: Overnight
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Chinese stocks fell in New York as trading resumed after the two-day shutdown, with Baidu Inc. driving declines after issuing a lower-than-estimated sales forecast.
The Bloomberg China-US Equity Index of the most-traded Chinese companies in the U.S. slipped 0.4 percent to 93.90, reducing the gain in October to 2 percent. Internet company Baidu sank 6.3 percent as Citigroup Inc. cut the stock to sell while Aluminum Corp. of China Ltd. traded at the biggest discount to its Hong Kong shares since Oct. 19 after forecasting that it will swing to a loss in 2012.