China stocks edge up on signs of de-escalating Sino-US trade tensions; HK slips
** The U.S. told GE Aerospace on Thursday that it can restart jet engine shipments to China's COMAC, a source told Reuters, in a further sign of de-escalating U.S.-Sino trade tensions that included concessions from Beijing over rare earths.
** The United States has also lifted restrictions on exports to China for chip design software developers and ethane producers.
** Meanwhile, China is reviewing and approving export licences for controlled items and has been informed by the U.S. about cancellations of "restrictive measures" against China, its commerce ministry said on Friday.
** At the midday break, the Shanghai Composite index was up 0.41% at 3,475.24 points, while the blue-chip CSI300 index was up 0.41%.
** The steel sector was among the top gainers in morning session, after China's top leaders pledged to step up regulation of aggressive price-cutting by Chinese companies, as the world's second-biggest economy struggles to shake off persistent deflationary pressures.
** The CSI steel sub-index gained 1.14% in morning trades.
** "It could be a prelude to potential supply side reform 2.0, in our view," Citi analysts said in a note.
** "We see the prolonged PPI deflation and profitability concerns as the motives this time. Steady growth so far this year has also opened room for such an initiative."
** Citi identified sectors where reform is most urgently needed, including ferrous-metal processing , fuel processing, chemicals, non-mineral products and metal products.
** In Hong Kong, the benchmark Hang Seng Index was down 0.62% at 23,921.81 points, while the Hang Seng China Enterprises Index fell 0.42% to 8,611.76 points.
** Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.49% while Japan's Nikkei index was down 0.04%.
This article was generated from an automated news agency feed without modifications to text.
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