Lenovo Group Ltd., the second-biggest personal computer maker, said the company’s cash reserves of more than $3 billion enable it to pursue an acquisition of almost any size to expand in new business areas.
Hong Kong stocks swung between gains and losses after yesterday falling the most in seven weeks. Developers slid and Lenovo Group Ltd. surged after saying it’s seeking acquisitions to boost smartphone and tablet businesses.
The biggest drop in Japanese shares since the 2011 earthquake erased $314 billion in market value, shaking bulls who pushed the Topix Index to five-year highs and highlighting their vulnerability to shocks at home and abroad.
Chinese stocks listed in the U.S. tumbled to the lowest in three weeks, led by Melco Crown Entertainment Ltd. and China Unicom Hong Kong Ltd., as a report showed manufacturing in the world’s second-largest economy contracted for the first time in seven months.
Emerging-market stocks tumbled the most in 10 months, led by Russian and South African shares, as exporters slumped after weaker China manufacturing data bolstered concern the global economy is faltering.
The Standard & Poor’s 500 Index recovered most of a 1.2 percent morning slide as Hewlett-Packard Co. led gains in technology shares. Global equities slid, with Japanese shares plunging the most since the aftermath of the Fukushima disaster. Copper sank and the yen rallied.