Hong Kong stocks extend longest streak in a year on China-US trade talk progress
Hong Kong
stocks rose for an eighth day on Monday, extending the longest winning stretch in a year as a de-escalation of the China-US trade war boosted risk appetite.
Advertisement
The Hang Seng Index advanced 0.9 per cent to 23,079.88 at the noon break, adding to a cumulative 4.1 per cent gain over the past seven days. The eight-day run is the longest since the 10-day streak ending in May 2024. The Hang Seng Tech Index advanced 1.9 per cent.
On the mainland, the CSI 300 Index climbed 0.6 per cent, and the Shanghai Composite Index added 0.4 per cent. The onshore yuan strengthened 0.2 per cent against the US dollar.
Futures contracts on three US stock benchmarks rose at least 1 per cent during Asian-hours trading, while haven trade unravelled, with spot gold prices sliding as much as 2 per cent.
Companies that rely on overseas sales led the Hang Seng Index's gain. Sunny Optical Technical Group, the maker of camera modules for mobile phones that derived more than 40 per cent of its sales from overseas last year, rallied 10 per cent to HK$70.95. Hong Kong machine tool maker Techtronic Industries, which counted on North America for 76 per cent of its revenue in 2024, rose 4 per cent to HK$89.80. Household appliance maker Haier Smart Home advanced 4.2 per cent to HK$23.75.
Advertisement
China and the US said they made 'substantial progress' on trade talks after two days of negotiations in Switzerland. The two nations
agreed to establish a 'trade consultation mechanism', Chinese Vice-Premier He Lifeng told reporters in Geneva.
The two sides 'have taken important steps to resolve differences through equal dialogue and consultation'. They plan to issue a joint statement later on Monday and 'conduct further consultations on issues of mutual concern', China's official Xinhua News Agency said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
2 hours ago
- South China Morning Post
Triangular diplomacy a tricky tightrope to walk for Asia-Pacific leaders
Middle and major powers are using trade, investment and technology as weapons of influence in pursuit of triangular diplomacy, a stratagem of Cold War realpolitik. However, the strengths of this approach – agility, ambiguity and tactical scope – hide the dangers of entanglements that escalate instability. A nation triangulates by balancing and manoeuvring between two other powers , building leverage, reducing dependency and becoming indispensable to multiple sides without fully committing to any. Triangular diplomacy is now a prominent approach for leaders negotiating a world where post-war institutions are in decline, autarkic capitalism is emerging, military budgets are soaring and multilateral commitments are being reassessed by US President Donald Trump. President Richard Nixon's emissary, Henry Kissinger , orchestrated this statecraft in the 1970s by using the Sino-Soviet rivalry to bolster America's power. He fostered closer ties with Beijing and Moscow individually as he kept both unsure of Washington's commitment to either.
South China Morning Post
11 hours ago
- South China Morning Post
Taiwan's kamikaze sea drones, China warns US over trade pressure: SCMP daily highlights
Catch up on some of SCMP's biggest China stories of the day. If you would like to see more of our reporting, please consider subscribing 1. Taiwan to test kamikaze sea drone to 'support coastal assault operations' Taiwan is planning to test a home-made kamikaze sea drone later this month as it seeks to boost its naval defences in the face of growing pressure from mainland China. 2. China warns US pressure tactics won't work for trade talks to happen Beijing on Tuesday urged Washington to 'respect facts, stop spreading disinformation, and correct its wrong practices' to create conditions for meaningful dialogue amid a dispute between the world's two largest economies over a recent trade deal. 3. Military mishap risks rise with PLA's 'grey zone operations': Taiwan ex-minister Beijing has carried out at least three rounds of large-scale military drills near Taiwan since May 2024, and PLA warplanes continue to fly near the island on a daily basis. Photo: Weibo/PLA Eastern Theatre Command The risks of a cross-strait military accident are on the rise as Beijing steps up pressure on Taiwan, a former Taiwanese defence official has warned, citing the lack of direct communication channels between the two sides.
South China Morning Post
11 hours ago
- South China Morning Post
China lifts in public opinion around the world as US drops in Trump 2.0, survey data shows
Favourable views towards China globally have surpassed those towards the United States for the first time in recent years, a change that occurred between January and late April, according to US intelligence company Morning Consult. Advertisement By the end of May, China had an 8.8 net favourability rating, compared to -1.5 for the US – which is in stark contrast to January last year when the US rating was above 20 and China was in negative territory, Axios reported on Monday, citing exclusive data acquired from Morning Consult. From January 1 to April 30, Morning Consult surveyed around 4,900 adults in 41 countries and tracked favourability ratings – the share of respondents with a positive view of a country minus those with a negative view. US and Chinese respondents' views of their own country are excluded from the analysis. 05:19 How are Chinese citizens feeling the effects of the US-China tariff war? How are Chinese citizens feeling the effects of the US-China tariff war? The report found that since January, the US' standing had diminished in 38 of the 41 markets tracked, while China's standing improved in 34 of them. Only in Russia has there been a significant improvement in views of the US since President Donald Trump took office again in January. 'This is a first since our tracking began [in October 2020], and includes many of America's most important economic and military partners, in a clear blow to US soft power,' wrote Jason McMann, head of political intelligence at Morning Consult, in a report published last month. During the surveyed period, 16 countries switched from pro-US to pro-China, bringing this group to 29 countries. Top movers include Norway, the Netherlands, Spain, Canada, Austria and Germany. Many countries that were strongly pro-China before grew even more supportive, according to the survey. Advertisement Only 13 of 41 countries remain in the pro-US camp – namely Argentina, Australia, the Czech Republic, India, Israel, Italy, Japan, the Philippines, Poland, South Korea, Switzerland, the United Kingdom and Vietnam – which spoke to 'the damage to America's reputation the past few months have wrought,' the report said, adding that even among them, around one-third were edge cases.
