Stock market bulls and bears agree on at least one thing. The highest valuations for makers of household goods since 2008 signal the best is over after the industry rose more than any other group this year.
Hong Kong stocks fell, dragging the benchmark index to its longest losing streak in 14 weeks, after Moody’s Investors Service said it was reviewing Portugal’s credit rating, heightening concern Greece’s debt crisis will spread through Europe and derail the global economic recovery.
Short selling in Hong Kong has risen to the highest level since September 2010 as concerns of slowing Chinese economic growth and further monetary-policy tightening intensify, according to a report from Data Explorers.
Emerging-market stocks rose for the first time in three days as a split within U.S. regulators on a suit against Goldman Sachs Group Inc. eased concern about bank regulation and corporate earnings increased.
Emerging-market stocks fell for a third day and currencies weakened as China raised its benchmark lending rate for the first time since 2007 and concern deepened that policy makers will step up capital controls.
SouFun Holdings Ltd., the operator of China’s biggest property website, posted the second-largest first-day gain for a U.S. initial public offering this year after raising $125 million selling shares at the top of its price range.