China Resources News
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Updated 28 minutes ago
Emerging-market stocks fell for a second day, led by Chinese shares, as money-market rates surged and investors speculated the government will step up property curbs. The ruble weakened before today’s U.S. Federal Reserve policy announcement.
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Hong Kong stocks fell amid low trading volume before the outcome of a Federal Reserve meeting, with finance and developer shares sliding. China Mengniu Dairy Co. soared after bidding for a local baby-foods maker.
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Most Asian share markets advanced as investors awaited the outcome of the two-day Federal Reserve meeting that starts today and Japanese exporters rose as the yen dropped for a second day.
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Chinese companies listed in Hong Kong posted their longest losing streak in more than a year as economic data released over the weekend added to signs growth in the world’s second-largest economy is slowing. Exporters rose as U.S. employers hired more workers than expected.
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PetroChina Co., the nation’s biggest oil producer, led a monthly slump in state-owned companies traded in New York. Baidu Inc. rallied the most in 19 months on prospects the government will seek to boost the economy by supporting private businesses.
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State-owned China Resources (Holdings) Co. plans to combine two of its Hong Kong-traded subsidiaries amid a shift from coal-fired power, sending shares in its electricity generation unit down as much as 11 percent.
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Asia’s regional benchmark stock index held near its highest level since June 2008, as the Bank of Japan maintained its plan to expand the monetary base. Sony Corp. surged, while Chinese power producers declined.
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The Australian dollar needs to weaken “by a large amount” to restore competitiveness eroded by two decades of prosperity, according to Ross Garnaut, who advised former Prime Minister Bob Hawke during the 1980s overhaul of the nation’s economy.
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Emerging-market stocks advanced to a one-week high as a stronger Japanese currency lifted global exporters. The Jakarta Composite Index surged to a record.
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China Resources Enterprise Ltd.’s first-quarter profit fell 61 percent as the nation’s second- largest hypermarket operator was hurt by higher costs and a government push to curtail public expenditures.
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