Chinese stocks declined in New York as Yanzhou Coal Mining Co. fell on concern about weaker demand and China Telecom Corp. tumbled on speculation the granting of fourth-generation service licenses will benefit its rivals.
U.S. stocks rose, sending the Standard & Poor’s 500 Index higher for a third day, as French President Nicolas Sarkozy and German Chancellor Angela Merkel said they are convinced Greece will remain in the euro zone.
Chinese equities traded in the U.S. slid for a second day, widening oil and coal producers’ discounts to Hong Kong to the most this year, a signal commodity stocks may fall as trading resumes in local markets.
Chinese stocks listed in the U.S. climbed the most in three weeks, buoyed by Aluminum Corp. of China Ltd., on speculation data due next week will show that the world’s second-largest economy has bottomed.
Demand for cotton in China, the world’s largest buyer and grower, outstripped domestic production by 3.6 million metric tons in 2009-2010, widening a supply deficit, the China Cotton Association said today.