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.
Stocks rallied, sending the Standard & Poor’s 500 Index higher for a third day, and the euro extended gains as German and French leaders expressed support for Greece to remain in the euro monetary union and speculation grew that China may help Europe’s most-indebted nations.
China’s stocks rose, driving the benchmark index to the biggest advance in almost two months, after the government said it will more than double the amount foreigners can invest in equities, bonds and bank deposits.
China may have a record grain harvest of more than 560 million metric tons this year, helping to boost supply and stabilize prices, Zhang Xiaoqiang, Vice Chairman of the National Development and Reform Commission, said at the World Economic Forum meeting in the city of Dalian.
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 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.