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Huaneng Power International Inc.’s U.S.-listed stock is trading at the biggest discount in four months versus Hong Kong, where the stock surged yesterday on prospects an economic rebound will lift electricity consumption.
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China’s yuan gained, approaching a 19-year high, after the Bank of Japan announced fresh stimulus and on speculation its trading band may be widened.
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European stocks declined from a 15- month high as concern of a deepening economic slowdown in China overshadowed optimism resulting from the Federal Reserve’s third round of quantitative easing.
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U.K. stocks declined, following a two-day rally, on deepening concern that the economic slowdown in China will worsen.
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China’s stocks fell the most in 10 weeks on speculation the government won’t ease monetary policy as quickly as anticipated and after Citigroup Inc. said the economic growth slowdown will extend into next year.
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Most Hong Kong stocks fell after Citigroup Inc. cut its forecast for economic growth in China next year, overshadowing optimism that stimulus measures by the Federal Reserve will boost U.S. demand for Asian exports.
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China’s economy probably grew the least in almost two years last quarter, contributing to a global weakening that Premier Wen Jiabao confronts with more limited scope for policy response than during the 2008 world recession.
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China led a slowdown in manufacturing across Asia that adds to risks for the global economy as Europe’s sovereign-debt crisis roils markets and drags down confidence.
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China announced a jump in planned railway spending and the State Council called for private investment in utilities and health care as Premier Wen Jiabao tries to reverse an economic slowdown.
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China’s benchmark stock index fell for the first time in three days as banks declined after policy makers boosted the amount of money that lenders must set aside, overshadowing gains for consumer staple producers.
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