China regulatory clampdown batters U.S.-listed companies
Here’s my chart for today. I’ll talk about it shortly after 3:30 p.m. Eastern (12:30 p.m. Pacific) on the Bloomberg Businessweek radio show. Also, I’ll present my Stock of the Day just after 4:15 p.m. (1:15 p.m.) on social media. You can hear me on Bloomberg Radio or see me at Bloomberg Global News on YouTube.
China’s efforts to discourage companies from going public in the U.S. and to rein in those already listed there are proving costly. The relative performance of the S&P/BNY Mellon China Select Index, consisting of companies with listings on the New York or Nasdaq stock exchanges, shows as much. A ratio between the indicator and the S&P 500 fell Friday to its lowest level since May 2004, according to data compiled by Bloomberg. Last week’s close was down 46% from the ratio’s high for the year, reached Feb. 16, and down 67% from a record set in October 2007.