Chinese stocks advanced in New York to complete their second weekly rally, as Renren Inc. jumped after agreeing to sell a majority stake in its group-buying website unit to Baidu Inc. Web game operator Perfect World Co. surged.
Chinese stocks fell the most in a month in New York, as Perfect World Co. sank after forecasting sales below analysts’ estimates while Suntech Power Holdings Co. slid amid debt restructuring and plans to close a U.S. plant.
“It’s our currency, but it’s your problem.” This musing from Nixon-era Treasury Secretary John Connally is about to find new relevance as the White House battles Republicans over raising the U.S. debt limit.
Perfect World Co., a Beijing-based online-game developer, jumped the most since 2007 in U.S. trading after reporting fourth-quarter net income that was almost double the average of analysts’ estimates.
Chinese stocks fell the most in a week in New York, led by LDK Solar Co. and Aluminum Corp. of China Ltd., on concern regulators’ efforts to rein in bank balance sheets will worsen a slowdown in the economy.