China's benchmark slips 0.18%
Asian shares fluctuated before ending mixed on Tuesday as investors awaited new tariff updates and assessed the impact of U.S. President Donald Trump's policies on global growth. Investors also reacted to rising Covid-19 cases across Southeast Asia.
The dollar drifted lower due to fiscal and trade jitters while gold eased from a two-week high and oil was little changed in Asian trade.
China's Shanghai Composite index slipped 0.18 percent to 3,340.69 despite industrial firms reporting faster profit growth in April. EV maker BYD fell 2.3 percent to extend losses from the previous session after announcing steep discounts across several models.
The yuan slipped against the dollar despite reports that the People's Bank of China has asked major lenders to raise the share of yuan when facilitating cross-border trade.
Hong Kong's Hang Seng index ended up 0.43 percent at 23,381.99, reversing early losses ahead of upcoming China PMI data.
Moody's has affirmed China's A1 sovereign credit rating with a negative outlook but flagged risks from weak consumption and trade war volatility.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
39 minutes ago
- Hindustan Times
‘Hardly any savings left': Indian IT professional torn between US stability and job offer in India
The H-1B visa programme, long regarded as a pathway for skilled professionals to establish careers in the United States, is facing increasing scrutiny, with Indian nationals—who constitute over 70% of recipients—being the most affected. Also read: Amazon hire unable to start job due to this H-1B visa hurdle, Reddit weighs in Recent developments, including a controversial executive order by US President Donald Trump, have intensified concerns. The order revokes birthright citizenship for children born in the US to parents on temporary visas like the H-1B—'unless at least one parent is a US citizen or holds a green card.' This major policy change has left many immigrant families uneasy about their future, already strained by employment uncertainty, challenges in renewing visas, and long green card backlogs. Amid this atmosphere of insecurity, a Reddit post by an Indian engineer has shed light on the emotional and practical struggles shared by many. The anonymous user revealed that after spending most of his professional life in the US, he was recently offered a job in India with decent pay and the added comfort of being based in his home state. He currently resides in the US with his wife and two young children, 'one of whom is in kindergarten.' Although his current salary just meets household expenses, he values the work-life balance and family time that living in the US affords. However, the idea of moving back to India brings its own concerns. 'I like the family time and weekend joys with my family,' he wrote. 'I may not get that in India where the work demands more additional work time.' The post sparked a wide range of reactions. One user commented, 'It's a hard choice, and honestly, no one can really help you decide. You just have to commit to one option, not look back, and accept that you can't have the best of both worlds.' Others raised concerns about children's future adjustments. 'Move back before the kids grow up. Getting adjusted will be difficult as they get older,' one person advised. Also read: Indian-American Megha Vemuri faces vicious trolling after pro-Palestine MIT speech, deactivates LinkedIn profile Some viewed it from a financial standpoint, stating, 'If you can't increase your salary in the U.S. and can live comfortably in India with additional savings, then it makes sense to move back,' adding, 'Your expenses will only rise once both kids start school.' Several voices in the thread spoke of the emotional and cultural benefits of returning home. 'India is the happening place. I'd want to connect with my dear ones and let my kids enjoy family affection. I would think long term and switch back,' one comment read.
United News of India
an hour ago
- United News of India
China hits back after US Prez claims it is 'violating' tariff truce
Washington, May 30 (UNI) US President Donald Trump on Friday accused China of violating a two-week-old truce on tariffs, a claim China has responded to with its own accusations of US wrongdoing, media reports said. Washington and Beijing agreed to temporarily lower tit-for-tat tariffs after talks in Geneva earlier this month. But Trump said that China had "totally violated its agreement with us". He did not give details but US Trade Representative Jamieson Greer later said China had not been removing non-tariff barriers as agreed under the deal, BBC reported. Beijing's response did not address the US claims directly but urged the US to "cease discriminatory restrictions against China". The strong statements from both sides have raised concerns that trade tensions could again escalate between the world's two largest economies despite recent negotiations. Trump said in a Truth Social post that the tariffs his administration had imposed had been "devastating" for China and so he had "made a FAST DEAL" to save them from "what I thought was going to be a very bad situation". "Everybody was happy! That is the good news!!! The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!" "The United States did exactly what it was supposed to do and the Chinese are slow-rolling their compliance which is completely unacceptable and has to be addressed," Greer said. China responded urging the US to "immediately correct its erroneous actions, cease discriminatory restrictions against China and jointly uphold the consensus reached at the high-level talks in Geneva". A spokesman from its Washington embassy said China had recently "repeatedly raised concerns" with the US over its "abuse of export control measures in the semiconductor sector". The US already has restrictions in place on technology exports to China, and on Wednesday paused more sales to China of chip technologies - crucial to semiconductors - and also paused exports of chemicals and machinery. Pengyu Liu said both sides had maintained communication since the talks in Geneva on 11 May, which had ended on a positive note. However on Thursday, US Treasury Secretary Scott Bessent had said trade talks with China had become "a bit stalled". Trump's global tariff regime was dealt a blow on Wednesday following a ruling that he had exceeded his authority. His plans have been temporarily reinstated after the White House appealed the decision. His administration this week also moved to "aggressively" revoke the visas of Chinese students studying in the US, of which there are an estimated 280,000. UNI XC GNK
Time of India
an hour ago
- Time of India
Donald Trump says 'US very close to making deal with India', claims Pakistan delegates to visit next week
President Donald Trump on Friday (local time) claimed that the United States is "very close to making a deal with India," adding that a representative from Pakistan is expected to visit Washington for talks next week. "Pakistan representatives are coming in next week. We're very close to making a deal with India," Trump told reporters at Joint Base Andrews. However, he made it clear that any ongoing conflict between India and Pakistan could derail such agreements. "And I wouldn't have any interest in making a deal with either if they were going to be at war with each other," he further warned. His remarks come amid heightened tensions between the two nuclear-armed neighbours following India's May 10 'Operation Sindoor', a counterstrike in response to the April 22 Pahalgam terror attack that claimed 26 lives. The United States has announced worldwide tariffs, potentially subjecting Pakistani exports to a 29% duty due to its $3 billion trade surplus with the American economy. Union minister Piyush Goyal's recent Washington visit was aimed to progress trade negotiations, with both nations seeking to finalise an interim deal by early July, after India could face 26% duties on its US-bound exports. According to the ministry of external affairs, foreign secretary Vikram Misri visited the US from May 27 to 29. The Indian Embassy described his meeting with US deputy secretary of state Christopher Landau as a 'great first meeting' that covered a wide range of bilateral priorities. Meanwhile, according to a Reuters report last week, India is expected to allow US companies to bid for government contracts worth over $50 billion, mostly from federal agencies—as part of ongoing trade negotiations with Washington. Earlier, Trump had once again reiterated his assertion about mediating a de-escalation between India and Pakistan, stating that his administration's trade discussions potentially prevented a nuclear conflict between the two nations. "We talk trade, and we say we can't trade with people who are shooting at each other and potentially using nuclear weapons… They understood and they agreed, and that all stopped," the US President said. "I think the deal I'm most proud of is the fact that we're dealing with India, we're dealing with Pakistan, and we were able to stop potentially a nuclear war through trade as opposed to bullets. You know, normally they do it through bullets. We do it through trade. So I'm very proud of that. Nobody talks about it. But we had a very nasty potential war going on between Pakistan and India. And now, if you look, they're doing fine," he added. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
