Chinese equities traded in the U.S.
sank after the Federal Reserve indicated it won?t provide
further stimulus to the economy, sending online social media and
solar companies lower.
The Bloomberg China-US Equity Index (CH55BN) of the most-traded
Chinese shares in the U.S. fell 0.3 % to 103.63 yesterday
in New York, after rising as much as 0.4 % earlier. Sina
Corp. (SINA), provider of a Twitter-like service, erased earlier gains,
dropping 0.1 %. LDK Solar Ltd. slid to a four-month low.
Qihoo 360 Technology Co. (QIHU) tumbled the most in two months after
Forbes magazine said the software developer?s business practices
are ?notably? different from competitors.
Policy makers will hold off on trying to bolster the
economy by increasing monetary accommodation unless the U.S.
expansion falters or prices rise at a rate slower than its 2
% target, according to the minutes of the Fed?s March 13
meeting, released yesterday. Zhang Xiaoqiang, vice chairman of
China?s National Development and Reform Commission estimated
China?s economy may have expanded about 8.4 % in the first
quarter, from 8.9 % in the previous three months.
?People wanted the Fed to do further easing,? Michael Shaoul, chairman of Marketfield Asset Management, which manages
$1.5 billion of assets and holds short positions in Chinese
shares, said by phone yesterday from New York. ?In equities,
the emerging markets seem to take it a little bit worse.?
U.S. stocks, Treasuries and gold tumbled while the dollar
rallied yesterday after the minutes were released. The Standard
Poor?s 500 Index (SPX) fell 0.4 % to 1,413.38, after reaching
the highest level since May 2008 in the previous day.
Sina Corp. (SINA), which runs Weibo, a short-message social
network, slipped
... Continue Reading Below... Article source: http://us.rd.yahoo.com/finance/external/bloomberg/rss/SIG=13flbr05e/*http://www.bloomberg.com/news/2012-04-03/online-social-media-shares-drop-on-fed-stimulus-china-overnight.html?cmpid=yhoo
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