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Mint
an hour ago
- Business
- Mint
HK-listed Chinese shares near one-month low, offshore yuan weakens on tariff concerns
(Updates prices, adds context) HONG KONG, June 2(Reuters) - Chinese stocks listed in Hong Kong weakened to near a one-month low on Monday and offshore yuan slipped as renewed Sino-U.S. tariff tensions weighed on sentiment. Concerns over U.S.-China trade tensions flared up again following a fresh spat over tariffs. China's Commerce Ministry rebuked U.S. President Donald Trump's accusations that Beijing had violated the consensus reached in Geneva talks, calling them "groundless," and vowed to take "forceful measures" to safeguard its legitimate rights and interests. U.S. President Donald Trump and Chinese President Xi Jinping will speak soon to iron out trade issues including a dispute over critical minerals, Treasury Secretary Scott Bessent said over the weekend. The Hang Seng China Enterprises Index, which tracks mainland companies listed in Hong Kong, tumbled 2.6% to the lowest since May 6, while Hong Kong's benchmark Hang Seng Index slipped 2.2% to 22,778.45. The offshore yuan traded at 7.2193 yuan per dollar, falling about 0.2% in Asian trading hours, while the Hong Kong dollar continued to hover around weaker side of the 7.75-7.85 per dollar trading band. Mainland markets are closed for Dragon Boat Festival and will resume trading on Tuesday. The declines on Monday were across the board, with the Hang Seng Tech Index losing 2.4%, while property subindex and healthcare sector both sliding more than 3%. Among the biggest laggards, local property firm New World Development plunged 7.5% to a fresh two-month low after it deferred coupon payments. Car makers continued the slide amid ongoing price war concerns. Shares of Li Auto tumbled 4.2%, while BYD and Nio lost more than 3%. (Reporting by Jiaxing Li in Hong Kong; Editing by Janane Venkatraman and Rashmi Aich)
Time of India
3 hours ago
- Business
- Time of India
Hong Kong shares dip to three-week low as tariff concerns flare again
Hong Kong stocks weakened to a three-week low in early trade on Monday as renewed Sino-U.S. tariff tensions weighed on sentiment. The city's benchmark Hang Seng Index slipped 2.4% to 22,734.05, the lowest level since May 8, while Hang Seng China Enterprises Index tracking mainland companies tumbled 2.7%. Concerns over Sino-U.S. trade tensions flared up again on Monday following a fresh spat over tariffs. China's Commerce Ministry rebuked U.S. President Donald Trump's accusations that Beijing had violated the consensus reached in Geneva talks, calling them "groundless," and vowed to take "forceful measures" to safeguard its legitimate rights and interests. The declines were across the board, with the Hang Seng Tech Index, property subindex and healthcare sector all sliding more than 3%. Among the biggest laggards, local property firm New World Development plunged more than 10% to a fresh two-month low after it deferred coupon payments. Live Events
Business Recorder
2 days ago
- Business
- Business Recorder
China, HK shares drop on US tariff concerns
HONG KONG: Chinese stocks fell on Friday as shares of Apple suppliers weakened after a US court reinstated President Donald Trump's tariffs, while automakers extended losses amid ongoing price war concerns. China's blue-chip CSI 300 index closed 0.5% lower and registered its second week of loss. The Shanghai Composite index also dropped 0.5% to 3,347.49 points. The Hang Seng China Enterprises Index fell 1.5% and Hong Kong's benchmark Hang Seng Index lost 1.2%. Both the indexes snapped their six-week winning streaks. '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.' A federal appeals court on Thursday temporarily reinstated the most sweeping of US President Donald Trump's tariffs, a day after a trade court blocked them, saying the president exceeded his authority. The CSI Consumer Electronics Thematic Index lost 2%. Apple iPhone assembler Foxconn lost 3.9%, BYD Electronics tumbled 6% and Lens Tech weakened 3.4%. Auto shares continued their downward trend as price war concerns lingered. Shares of Xpeng, BYD and Nio slipped by 3.3% to 5%. Cushioning the losses, the CSI Banks Index advanced 0.6% after news that People's Bank of China (PBOC) Governor Pan Gongsheng will attend the opening ceremony of the Lujiazui Forum in Shanghai next month and announce several major financial policies.
Time of India
3 days ago
- Business
- Time of India
China, HK shares drop on US tariff concerns, auto makers tumble
Chinese stocks fell on Friday as shares of Apple suppliers weakened after a U.S. court reinstated President Donald Trump's tariffs, while automakers extended losses amid ongoing price war concerns. China's blue-chip CSI 300 index closed 0.5% lower and registered its second week of loss. The Shanghai Composite index also dropped 0.5% to 3,347.49 points. The Hang Seng China Enterprises Index fell 1.5% and Hong Kong's benchmark Hang Seng Index lost 1.2%. Both the indexes snapped their six-week winning streaks. "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." A federal appeals court on Thursday temporarily reinstated the most sweeping of U.S. President Donald Trump's tariffs, a day after a trade court blocked them, saying the president exceeded his authority. The CSI Consumer Electronics Thematic Index lost 2%. Apple iPhone assembler Foxconn lost 3.9%, BYD Electronics tumbled 6% and Lens Tech weakened 3.4%. Auto shares continued their downward trend as price war concerns lingered. Shares of Xpeng, BYD and Nio slipped by 3.3% to 5%. Cushioning the losses, the CSI Banks Index advanced 0.6% after news that People's Bank of China (PBOC)Governor Pan Gongsheng will attend the opening ceremony of the Lujiazui Forum in Shanghai next month and announce several major financial policies. Mainland China's stock, bond, foreign exchange and commodity futures markets will be closed on Monday, June 2, for the Dragon Boat holiday. They will resume trade on June 3.
RTHK
3 days ago
- Business
- RTHK
HK stocks end down amid tariff uncertainty in courts
HK stocks end down amid tariff uncertainty in courts The Hang Seng Index lost 283.61 points, or 1.2 percent, to end trading for the day and week at 23,289.77. File photo: AFP Most Asian shares ended down on Friday after a US appeal court gave Donald Trump's sweeping tariffs a temporary reprieve, fanning uncertainty a day after judges had ruled the controversial measures were unconstitutional. In Hong Kong, the benchmark Hang Seng Index shed 283.61 points, or 1.2 percent, to end trading for the day and week at 23,289.77. The Hang Seng China Enterprises Index fell 1.49 percent to end at 8,432.02 while the Hang Seng Tech Index fell 2.48 percent to end at 5,170.43 Across the border, mainland Chinese stocks closed lower, with the benchmark Shanghai Composite Index down 0.47 percent to 3,347.49. The Shenzhen Component Index closed 0.85 percent lower at 10,040.62. The combined turnover of these two indices stood at 1.14 trillion yuan, down from 1.19 trillion yuan on Thursday. Shares related to pork, banking and innovative medicine led the gains, while those in the sectors of gold, humanoid robots and consumer electronics were among the biggest losers. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 0.96 percent to close at 1,993.19. Tokyo was off more than 1 percent, while Shanghai, Seoul, Manila, Mumbai and Bangkok also sank. Sydney and Wellington edged up with London, Paris and Frankfurt. The losses reversed a rally across world markets the previous day as analysts warned that the legal wrangling could compound volatility and throw trade talks between Washington and other governments. While the tariffs have been stalled and are set to go through the courts – and possibly end up at the Supreme Court – there are expectations that the US president will find other means to implement them. The US Court of International Trade ruling on Wednesday barred most of the tariffs announced since Trump took office, saying that he had overstepped his authority – a decision he labelled "horrible" and should be "quickly and decisively" reversed for good. A separate ruling by a federal district judge in Washington, DC, also found some levies unlawful as well, giving the administration 14 days to appeal. National Australia Bank's Rodrigo Catril said after the appeal court decision that "Trump's trade agenda remains alive and kicking with the legal battle adding yet another layer of uncertainty". He added that the judges could still rule against the White House. "But it is probably worth emphasising that the president has other avenues to impose tariffs, so our view here is that the court case is just another layer of uncertainty/complication but it does not derail Trump's tariff agenda," Catril said. "The ongoing shift in US trade policy is creating a cloud of uncertainty and now the legal battles are making the outlook even cloudier. "The only thing that looks more certain is more uncertainty, which is set to lead to a further pullback in investment decision and hiring." Meanwhile, US Treasury Secretary Scott Bessent told Fox News that negotiations with China were "a bit stalled" and Trump might need to speak to President Xi Jinping, weeks after the economic superpowers agreed a detente in their trade war. He added that "given the magnitude of the talks, given the complexity, that this is going to require both leaders to weigh in with each other". (AFP/Xinhua)
