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Yahoo
07-05-2025
- Business
- Yahoo
Chinese Stock Gains Fizzle as Focus Shifts to US Trade Talks
(Bloomberg) -- For all the excitement at the start of the day, investors in Chinese stocks ended Wednesday's session on a rather disappointing note. Most Read from Bloomberg Markets opened gap up, helped by news that Chinese and US officials are meeting to discuss trade later this week after a monthlong standoff. The central bank bolstered the mood, reducing its policy rate and lowering the amount of cash lenders must keep in reserve. But it seemed investors used those gains to take some money off the table with no certainty that the trade talks will go smoothly. In the end, the Hang Seng China Enterprises Index closed down 0.2% after rising as much as 2.4% in the morning. The CSI 300 Index, a benchmark for onshore shares, more than halved its advance to 0.6%. 'Investors are probably taking some profits,' said Jason Chan, a senior investment strategist at Bank of East Asia. 'The market is now turning to see the progress in trade talks. Investors may be more cautious that both sides may not be able to make a deal in the near term.' Onshore Chinese stocks and bonds have been notably stable in recent weeks, relative to turbulent global markets. Volatility in the CSI 300 Index fell to a record low last month. Still, the country's shares have underperformed some of their Asian peers, which have staged a sharp rebound since President Donald Trump's April 2 tariff onslaught, on concern over the impact of the trade war. The PBOC cut the seven-day reverse repurchase rate to 1.4% from 1.5%, according to Governor Pan Gongsheng. The central bank will also trim the reserve requirement ratio by half a percentage point, Pan said. China Securities Regulatory Commission's chief Wu Qing said the government will consolidate momentum in market recovery by supporting Central Huijin Investment Ltd. and other institutions to act as stabilization funds. The measures underscore a sense of urgency among Chinese officials as stiff tariffs threaten the country's economic growth goal for the year. Retail and catering sales expanded at a slower pace relative to last year with an increase of 6.3% during the Labor Day break, the Xinhua news agency reported earlier this week. The country's factory activity slipped into the worst contraction since December 2023 in April, revealing early damage from the trade war.
South China Morning Post
27-04-2025
- Business
- South China Morning Post
Vigil for Hong Kong's Lee Shau-kee: political heavyweights, residents pay respects
Political heavyweights, real estate executives and residents have gathered to pay tribute to late Hong Kong tycoon Lee Shau-kee, as they recalled the philanthropist's generosity and accomplishments. Advertisement The vigil being held on Sunday afternoon was organised by Henderson Land Development, the conglomerate Lee founded in 1976. A funeral will take place on Monday. Among those seen attending the Sunday service were: eldest son Peter Lee Ka-kit; younger son Martin Lee Ka-shing and his wife, Cathy Tsui Chi-kei; late tycoon Stanley Ho's fourth wife, Angela Leong On-kei; nightlife tycoon Allan Zeman; Bank of East Asia executive chairman David Li Kwok-po; former chief executive Donald Tsang Yam-kuen; various Hong Kong ministers; and former chief secretary Henry Tang Ying-yen and his wife. 'Thank you for your hard work over the past two days,' both sons told the media at the vigil. Hongkonger Alex Ip, 69, said he attended the service as he was 'curious about the occasion' and knew of 'Henderson's contribution to Hong Kong with Towngas, which it controlled, and real estate, and so on'. Advertisement Funeral preparations have been overseen by a committee of 74 officials, including former chief executives Tung Chee-hwa and Leung Chun-ying, current city leader John Lee Ka-chiu, and Zheng Yanxiong, director of the central government's liaison office in Hong Kong.
Bloomberg
04-03-2025
- Business
- Bloomberg
Trump's New Tariffs on China, Canada and Mexico to Take Effect
Here's some commentary from Jason Chan, a senior investment strategist at Bank of East Asia: 'While an additional 10% tariff hike to Chinese imports has been mostly priced in, the market would start to worry about further conflicts between China and US. Near term sentiment could turn more cautious. 'However, if there is a stronger-than-expected stimulus package announced in the NPC meeting, the risk-on appetite may resume.'
