Hong Kong stocks rise after US, China unveil trade agreement in London
The Hang Seng Index gained 1 per cent to 24,392.47 at the noon trading break, while the Hang Seng Tech Index advanced 1.2 per cent. On the mainland, the CSI 300 Index strengthened 0.8 per cent and the Shanghai Composite Index added 0.5 per cent.
BYD gained 3.2 per cent to HK$139.90 after it joined other carmakers in cutting bill-payment periods for suppliers to 60 days. Nio rose 3.5 per cent to HK$29.45 and Xpeng gained 1.5 per cent to HK$80.55. In a statement on Wednesday, BYD said the move would satisfy authorities' requirements about stabilising supply chains and promoting the development of the car industry.
Chinese car dealer Zhongsheng Group rallied 3.3 per cent to HK$13.24, while China Life Insurance rose 4.2 per cent to HK$17.74. Some major tech stocks traded higher: Xiaomi advanced 2.3 per cent to HK$54.65 and JD.com added 2.1 per cent to HK$134.70.
On the downside, instant noodle maker Tingyi tumbled 2.7 per cent to HK$12.04, bottled-water company Nongfu Spring lost 1.9 per cent to HK$38.55 and Anta Sports Products eased 1.4 per cent to HK$96.70.
Trade negotiators from China and the US said they reached a consensus on a framework to ease trade tensions. The agreement sought to reinforce commitments made during previous talks in Geneva last month.
US Commerce Secretary Howard Lutnick said the framework would be presented to both governments for final approval. Chinese Vice Commerce Minister Li Chenggang said the negotiating teams had agreed in principle and would consult their respective leaders.
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