Chinese Stocks Wake Up On U.S. Earnings Weakness
Nicholas Santiago | Oct 23, 2012 12:33AM ET
As worries over earnings hit U.S. stocks, Chinese companies have started to perk up. Over the last two weeks, corporate earnings from International Business Machines Corp. (IBM), Google Inc (GOOG) and McDonald's Corporation (MCD) have shocked the market. The once safe haven for investing, away from Europe and China is now bleeding as well. Investors are running, pulling money out of large cap tech and blue chips.
One area where money flow has been going appears to be Chinese U.S. traded equities. Once weak stocks like Baidu.com, Inc. (ADR) (BIDU), Renren Inc (RENN) and even small caps like Xinyuan Real Estate Co., Ltd. (ADR) (XIN) all moved higher today. This may be an area to find some value going forward should U.S. corporate earning remain ugly.
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