| | Renren Leads ADR Gains as Manufacturing Grows: China Overnight
By Leon Lazaroff and Ye Xie - May 2, 2012 12:32 PM CT
bloomberg.com
Most Chinese stocks traded in the U.S. rose, led by Renren Inc. (RENN) and China Eastern Airlines Corp., as the second manufacturing report this week signaled a rebound in output for the world’s biggest exporter.
The Bloomberg China-US Equity Index (CH55BN) of the most-traded Chinese shares in the U.S. was little changed at 104.67 by 1:15 p.m. in New York, as 27 stocks gained while 24 dropped. Renren, a Chinese social networking website, jumped for a second day as Facebook Inc. plans to begin marketing its initial public offering, according to a person familiar with the matter. China Eastern (CEA) rose to the highest level in five weeks after saying it would buy 20 Boeing Co. (BA) planes.
The purchasing managers’ index in China, where the economy grew at the slowest pace in four years last quarter, rose to 49.3 last month, according to data from HSBC Holdings Plc and Markit Economics, compared with an initial 49.1 reported on April 23. A separate index released on May 1 in Beijing by China’s statistics bureau indicated the quickest growth in a year, while U.S. factory output climbed at the fastest pace in 10 months, another report showed.
“Industrial production has been better than expected and U.S. growth has also picked up, which is good for China,”Gabriel Wallach, who manages $2.5 billion in global assets as chief investment officer at BNP Paribas Investment Partners in Boston, said in a phone interview. “Those trends have been positive” for Internet and consumer stocks, he said.
To contact the reporters on this story: Leon Lazaroff in New York at llazaroff@bloomberg.net; Ye Xie in New York at yxie6@bloomberg.net
To contact the editor responsible for this story: Emma O’Brien at eobrien6@bloomberg.net |
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