China, HK stocks book steepest weekly losses since April on soft data, Trump tariffs
(You can now subscribe to our
(You can now subscribe to our ETMarkets WhatsApp channel
Mainland China and Hong Kong stocks extended their declines on Friday, posting their steepest weekly losses since April, weighed down by soft domestic economic data and worries over global trade following U.S. President Donald Trump's new tariffs.** At the close, the Shanghai Composite index had fallen 0.37% to 3,559.95 points, while the blue-chip CSI300 index had lost 0.51%.** For the week, the SSEC slipped by 0.94% and the CSI300 dropped by 1.75%. Both indexes booked their first weekly losses in six, and were down by the most since early April when Trump first initiated reciprocal tariffs.** In Hong Kong, the Hang Seng index tumbled 1.07% to 24,507.81 points, while the Hang Seng China Enterprises index fell 0.88% to 8,804.42 points.** For the week, the benchmark HSI plummeted 3.47%, recording the first weekly loss in a month and dropping by the most since early April.** Trump slapped steep tariffs on exports from dozens of trading partners, pressing ahead with his plans to reorder the global economy ahead of a Friday trade deal deadline.** "The U.S. deals with other economies will also affect China's trade outlook," economists at ANZ said in a note on Friday."If the U.S. fully enforces around 20% tariffs and 40% transshipment tariffs on ASEAN, which accounted for 17.8% of China's exports in the first half of this year, the supply chain activity in the region will be strained."** Meanwhile, the United States believes it has the makings of a trade deal with China, but it is "not 100% done," U.S. Treasury Secretary Scott Bessent said on Thursday.** China's factory activity contracted in July, both official and private surveys showed, suggesting the economy lost momentum following robust growth in the first half of the year.** "After a more resilient than expected trade environment in the first half of 2025, momentum could soften a bit further in July," said Lynn Song, chief economist for Greater China at ING, noting market attention will be shifted to trade data due next Thursday for more clues on the health of the broad economy.** Around the region, MSCI's Asia ex-Japan stock index was weaker by 1.41%, while Japan's Nikkei index closed down 0.66%.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
2 minutes ago
- Business Standard
White House launches TikTok account as Trump's deadline to ban app looms
The first video posted by the White House features a montage of Trump and other administration officials, including Vice President JD Vance and Defense Secretary Pete Hegseth Bloomberg The White House launched its own TikTok account on Tuesday, the latest signal of support as President Donald Trump continues to seek a sale of the social video app's US operations from Chinese company ByteDance Ltd. The first video posted by the White House features a montage of Trump and other administration officials, including Vice President JD Vance and Defense Secretary Pete Hegseth, and encourages viewers to follow the account. 'The Trump administration is committed to communicating the historic successes President Trump has delivered to the American people with as many audiences and platforms as possible,' White House Press Secretary Karoline Leavitt told Reuters, which first reported the creation of the account. Trump has embraced TikTok after his latest presidential campaign, crediting the platform with helping him to reach young voters who backed his candidacy at higher rates compared to his previous efforts. It's a stark departure from his first term, when the president signed an executive order attempting to ban the app if ByteDance didn't divest its US operations over concerns it could endanger users' personal data. Lawmakers subsequently passed legislation forcing the sale of the app's US operations during former President Joe Biden's administration. But Trump has repeatedly delayed implementation of provisions in the law mandating the shutdown of the service as he's sought to broker a deal. It's not clear how the White House is complying with a separate law, passed during the Biden administration, which bans the use of TikTok on government devices except for law enforcement and national security research and activities. The legislation also requires the development of risk mitigation actions for any authorized use. In the Biden administration, TikTok was banned from officials' government phones — including at the White House — though the former president's campaign created an account using a staffer's personal device. In June, Trump said he had identified a buyer but that he believed a sale would be contingent on approval from Beijing and Chinese President Xi Jinping. 'We have a buyer for TikTok, by the way. I think I'll need probably China approval and I think President Xi will probably do it,' Trump said in an interview with Fox News. 'It's a group of very wealthy people.' A deal was said to be close earlier this year, led by a consortium of US investors including Oracle Corp., Blackstone Inc. and venture capital firm Andreessen Horowitz. But Trump has said he believes that his implementation of tariffs on Chinese goods has complicated the effort. Under Trump's latest executive order, ByteDance has until Sept. 17 to divest, though the president has extended the deadline repeatedly.
&w=3840&q=100)
Business Standard
2 minutes ago
- Business Standard
Trump imposed tariffs on India to deter Russia's war in Ukraine: Leavitt
White House Press Secretary Karoline Leavitt on Tuesday (local time) said that US President Donald Trump imposed additional 25 per cent tariffs on India to stop Russia from pursuing war in Ukraine. Trump doubled India's tariff rate to 50 per cent for its continuous purchase of Russian energy at a time when the US President has been trying to broker a ceasefire deal between Russia and Ukraine. Leavitt made these remarks during the press briefing and said, "Look, the president has put tremendous public pressure to bring this war to a close. He's taken actions, as you've seen, sanctions on India and other actions as well. He's made himself very clear that he wants to see this war end, and he has scoffed at the ideas of others that have been raised that we should wait another month before any meeting takes place." Trump meets Ukrainian President, European leaders On Monday, Trump met with his Ukrainian counterpart, Volodymyr Zelenskyy, and seven European leaders at the White House, discussing ways to put an end to the war in Ukraine. Speaking on Trump's meeting with Zelenskyy, Leavitt said that Trump wishes to bring peace as soon as possible. She further said, "The president wants to move and he wants to bring this war to an end as quickly as possible... With all of those European leaders leaving the White House, including the NATO Secretary General, they all agree that this is a great first step. And it's a good thing that these two leaders are going to be sitting down together, and the president expects that to happen." Leavitt also reiterated the White House's claim that if Trump were president, the war would never have happened. She also highlighted Trump's dedication to ending the war, adding that the US President has spent a lot of time and energy on this effort. Leveraged trade to stop India-Pakistan conflict: Trump Leavitt also reiterated Trump's previous claim of brokering peace between India and Pakistan following the tensions that emerged after Operation Sindoor (a coordinated missile strike at terrorist infrastructure in Pakistan and Pakistan-occupied Kashmir). Speaking during the press briefing, she said that the US President Trump was proud of the peace deals and leveraged trade to end the Indo-Pakistan conflict after the April 22 Pahalgam terror attack. She said, "[For] India and Pakistan [conflict], he [Trump] used trade in a very powerful way as leverage to bring that conflict to an end. So I know he's very proud of all of these achievements, and I know he's very honoured to serve as the president of the United States and to restore peace around the world." Ever since India and Pakistan agreed to an understanding to stop all firing and military actions in May, Trump has repeatedly claimed that he was able to stop the conflict between the two nuclear-armed neighbours. While India has consistently denied any interference, Pakistan's Army chief Asim Munir thanked Trump for stopping the conflict.
Economic Times
2 minutes ago
- Economic Times
Japan's 20-year bond yields rise for 8th day as fiscal concerns mount
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
