China, HK shares dip as Apple suppliers slip on tariff concerns, auto makers tumble
HONG KONG, - Chinese stocks fell on Friday as Apple suppliers weakened after a U.S. court reinstated the tariffs, while automakers extended losses amid ongoing price war concerns, pushing major indices toward weekly declines.
** At the midday break, China's blue-chip CSI300 index weakened 0.3%, heading to the second week of loss. The Shanghai Composite index also dropped 3% to 3,353.07 points.
** Declines were sharper in Hong Kong. The Chinese H-share index listed in Hong Kong, the Hang Seng China Enterprises Index fell 1.7% and Hong Kong's benchmark Hang Seng Index lost 1.5%, both set to snap a six-week winning streak.
** "Sentiment dropped further amid lower turnover and lukewarm macro prints," Laura Wang, Chief China Equity Strategist at Morgan Stanley wrote in a note on Friday.
** "No signs of near-term stimulus step-up as the interim tariff truce continues."
** Weighing on the markets on Friday, Apple suppliers tumbled after an appeals court kept President Donald Trump's tariffs in effect, a day after a trade court blocked them, saying the president exceeded his authority.
** iPhone assembler Foxconn lost 3.5%, BYD Electronics tumbled 5% and Lens Tech weakened 3.8%.
** Auto shares continued the downward trend as price war concerns linger. Shares of Xpeng, BYD and Nio all slipped more than 4%.
** Cushioning the losses, the CSI Banks Index advanced 1% after news that People's Bank of China Governor Pan Gongsheng will attend the opening ceremony of the Lujiazui Forum in Shanghai next month and announce several major financial policies.
** Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.5% while Japan's Nikkei index was down 1.3%.
This article was generated from an automated news agency feed without modifications to text.
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