China, HK shares rise as banks and carmakers rally; trade talks eyed
HONG KONG, - China and Hong Kong shares edged up on Tuesday as banking stocks hit record highs and automakers rebounded though investors remained cautious ahead of key developments later in the week.
** At the midday break, China's blue-chip CSI300 index and the Shanghai Composite index both advanced 0.5% to recover from losses in the opening hour.
** Banking stocks led onshore markets higher, with the CSI Banks Index rallying 2.3% to a record high. Chip stocks also strengthened, with the CSI Semiconductor Index adding 1.8%.
** In Hong Kong, the Hang Seng China Enterprises Index tracking mainland companies rose 1.3% to bounce back from a one-month low. The city's benchmark Hang Seng Index added 1.1%.
** Car makers listed in the city bounced, taking a breather from the recent sell-off triggered by a price war at home. The Hang Seng Automobile Index jumped 1.8%, with Li Auto surging 6.5% and BYD climbing 1.7%.
** On the data front, China's factory activity in May shrank for the first time in eight months, a private-sector survey showed on Tuesday, indicating U.S. tariffs are now starting to directly hurt the manufacturing superpower.
** President Donald Trump and Chinese leader Xi Jinping will likely speak this week, White House press secretary Karoline Leavitt said on Monday, days after Trump accused China of violating an agreement to roll back tariffs and trade restrictions.
** "A likely return of market volatility in June" is expected due to tariff policy uncertainties and lingering fundamental headwinds seen in macroeconomic data, according to a China equity strategist at Daiwa Capital Markets Hong Kong.
** "We reiterate our cautious market views as a market rebound since mid-April may have already factored in a 'good outcome' of the trade war," he wrote in a note.
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