Michael Wang News
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Chinese equities fell in New York for the first time in three days, led by China Petroleum and Chemical Corp. and Huaneng Power International Inc., after slower growth in industrial output and exports damped prospects for expansion in the world’s largest developing economy.
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Russia’s dollar-denominated RTS Index entered a bear market and futures contracts pointed to further declines as prospects for weaker commodity prices sour investor sentiment in the world’s biggest energy exporter.
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Emerging-market stocks fell, dragging the benchmark index toward its biggest monthly loss in a year. Philippine equities tumbled the most in 20 months and South Africa’s rand traded weaker than 10 per dollar for the first time since March 2009.
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Chinese stocks fell for the first time in three days in New York, led by NQ Mobile Inc. and NetEase Inc., on concern slowing foreign investment will delay a rebound in the world’s second-largest economy.
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Goldentree Asset Management LP, the U.S. hedge fund founded by Steven Tananbaum, plans to raise a collateralized loan obligation in Europe of about 252.5 million euros ($325 million), according to three people with knowledge of the matter.
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Chinese stocks in New York slid to the lowest level since September, led by telecommunications providers and industrial companies, on speculation slower economic growth will erode company earnings.
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Chinese stocks rallied a fourth day in New York as Baidu Inc. rose on prospects Internet video acquisitions will bolster its mobile presence and Aluminum Corp. of China Ltd. led gains among energy and commodity producers.
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Petroleo Brasileiro SA, the biggest oil producer in deep waters, is raising less than forecast through asset sales as it seeks cash for a $237 billion investment plan aimed at refocusing on exploration at home.
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Morgan Stanley , the sixth-largest U.S. bank by assets, named Michele Colocci head of its merger-and- acquisition group in Europe, replacing Dieter Turowski .
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Emerging-market stocks advanced for the first time in three days after Cyprus avoided a disorderly default by agreeing on the outline of a bailout. Brazilian equities dropped to an eight-month low.
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