China’s stocks declined the most in five weeks, led by financial companies and commodity producers, as the slowest increase in the nation’s money supply on record underscored risks of a deeper economic slowdown.
Shanghai’s over-the-counter equity market was almost deserted on a weekday morning last week. Two cleaning ladies swept the floor of a trading hall devoid of brokers or computers, while a woman at an information desk ate breakfast and talked on her mobile phone.
Citigroup Inc. reported an unexpected profit increase and beat analysts’ estimates as the company recouped funds previously set aside for bad loans and cut losses at a division holding unwanted assets.
Goldman Sachs Group Inc. and Lynne Ng Su Ling, an independent director at LionGold Corp., traded lawsuits in London over payment demands after shares owned by Ng and held by the bank as debt collateral plunged in an October stock rout.
Asian shares fell this week, with the regional benchmark halting a two-week gain and Japan’s Topix index capping its worst week since June, as technology shares sank amid a global rout and the yen strengthened.
Fidelity Investments, the second- largest mutual fund company, is exploring the creation of a U.S. stock trading venue along with other investors to address perceived flaws in the $23 trillion U.S. equity market.