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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
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)
RTHK
5 days ago
- Automotive
- RTHK
HK stocks end down amid fears of car price war
HK stocks end down amid fears of car price war The Hang Seng Index ended down 0.53 percent for the day at 23,258.31. File photo: AFP China stocks ended roughly flat on Wednesday as investors remained cautious amid ongoing Sino-US tensions despite a temporary easing in tariff threats announced this month. In Hong Kong, the benchmark Hang Seng Index shed 123.68 points, or 0.53 percent, to end the day's trading at 23,258.31. The Hang Seng China Enterprises Index fell 0.31 percent to end at 8,443.87 while the Hang Seng Tech Index fell 0.15 percent to end at 5,174.64. Tech majors edged down 0.3 percent. Mystery box maker Pop Mart International saw its shares down 7 percent, its largest one-day decline since April 7. Shares of Xiaomi rose 0.4 percent after it reported a record first-quarter revenue and profit and said its shift towards higher-end products from smartphones to home appliances was already paying off. Shares of major electric carmakers extended losses as an intensifying auto industry price war in China stoked fears of a long-anticipated shake-out in the world's largest car market. BYD shares traded offshore fell 2.7 percent while Li Auto dropped 2.5 percent. Across the border, mainland-listed stocks closed lower, with the benchmark Shanghai Composite Index down 0.02 percent to 3,339.93. The Shenzhen Component Index closed 0.26 percent lower at 10,003.27 After a period of market consolidation, Sino-US negotiations are expected to remain in a tug-of-war phase, but with low active capital positioning and investors now seasoned by April's volatility, future disruptions are unlikely to significantly impact market risk appetite, Citic Securities analysts said in a note. US President Donald Trump has played his cards in trade negotiations, and the path ahead depends on the bargaining power of countries and corporates, but trade policies will not return to the pre-Trump period, Olivier Blanchard, senior fellow at Peterson Institute for International Economics, said at the UBS Asian Investment Conference on Wednesday. Free trade agreements typically take about one to two years to decide and three years to implement, he said. The Nikkei ended the day down 1.71 points at 37,722.40, effectively unchanged but snapping a three-day rally. The broader Topix also finished essentially flat but up 0.02 points at 2,769.51. (Reuters/Xinhua)
RTHK
5 days ago
- Automotive
- RTHK
HK stocks end down amid fears of car price war
HK stocks end down amid fears of car price war The Hang Seng Index ended down 0.53 percent for the day at 23,258.31. File photo: AFP China stocks ended roughly flat on Wednesday as investors remained cautious amid ongoing Sino-US tensions despite a temporary easing in tariff threats announced this month. In Hong Kong, the benchmark Hang Seng Index shed 123.68 points, or 0.53 percent, to end the day's trading at 23,258.31. The Hang Seng China Enterprises Index fell 0.31 percent to end at 8,443.87 while the Hang Seng Tech Index fell 0.15 percent to end at 5,174.64. Tech majors edged down 0.3 percent. Mystery box maker Pop Mart International saw its shares down 7 percent, its largest one-day decline since April 7. Shares of Xiaomi rose 0.4 percent after it reported a record first-quarter revenue and profit and said its shift towards higher-end products from smartphones to home appliances was already paying off. Shares of major electric carmakers extended losses as an intensifying auto industry price war in China stoked fears of a long-anticipated shake-out in the world's largest car market. BYD shares traded offshore fell 2.7 percent while Li Auto dropped 2.5 percent. Across the border, mainland-listed stocks closed lower, with the benchmark Shanghai Composite Index down 0.02 percent to 3,339.93. The Shenzhen Component Index closed 0.26 percent lower at 10,003.27 After a period of market consolidation, Sino-US negotiations are expected to remain in a tug-of-war phase, but with low active capital positioning and investors now seasoned by April's volatility, future disruptions are unlikely to significantly impact market risk appetite, Citic Securities analysts said in a note. US President Donald Trump has played his cards in trade negotiations, and the path ahead depends on the bargaining power of countries and corporates, but trade policies will not return to the pre-Trump period, Olivier Blanchard, senior fellow at Peterson Institute for International Economics, said at the UBS Asian Investment Conference on Wednesday. Free trade agreements typically take about one to two years to decide and three years to implement, he said. The Nikkei ended the day down 1.71 points at 37,722.40, effectively unchanged but snapping a three-day rally. The broader Topix also finished essentially flat but up 0.02 points at 2,769.51. (Reuters/Xinhua)
RTHK
6 days ago
- Automotive
- RTHK
HK stocks creep up for day in mixed trade
HK stocks creep up for day in mixed trade The Hang Seng Index ended up 99.66 points, or 0.43 per cent, for the day to close at 23,381.99. File photo: AFP Equities in Asia and Europe were mixed on Tuesday as investors awaited the latest developments in Donald Trump's trade war. With Wall Street closed for a holiday, there were few major catalysts to drive business, though investors remain on their toes after the US president's threat of 50 percent tariffs on European Union goods and subsequent delay reviving volatility. In Hong Kong, the benchmark Hang Seng Index ended trading for the day up 99.66 points, or 0.43 per cent, to close at 23,381.99. The Hang Seng China Enterprises Index rose 0.38 per cent to end at 8,469.97 while the Hang Seng Tech Index rose 0.48 per cent to end at 5,182.60. China stocks ended lower, with losses in the auto and gold mining sectors outweighing gains in healthcare shares The benchmark Shanghai Composite Index ended down 0.18 per cent at 3,340.69. The Shenzhen Component Index closed 0.61 per cent lower at 10,029.11. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 0.68 per cent to close at 1,991.64. Chinese automakers extended losses in the wake of reports that Commerce Ministry will meet with industry bodies and automakers, including BYD and Dongfeng Motor, to discuss the emerging trend of sales of "used cars" that were never driven. The onshore Automobile Index fell more than 1 per cent. Shenzhen-listed BYD shares dropped 2.3 per cent, after tumbling 6 per cent on Monday. The spotlight will be on the auto sector this week after price competition intensified among electric car makers and an industry executive warned the sector was in an unhealthy state. Also dragging onshore performance were shares of companies in the non-ferrous metals segment, which lost nearly 2 per cent. Zijin Mining's stock listed onshore dropped 3.7 per cent after the company disclosed it wanted to spin off its overseas gold mines into a separate listing in Hong Kong. Both onshore- and offshore-traded healthcare stocks jumped, with Sunshine Guojian Pharmaceutical Shanghai soaring 15.3 per cent and CSPC Pharma gaining 5.8 per cent. China's industrial profits picked up pace in April, official data showed, signalling economic resilience in the face of trade tensions with the United States and lingering deflationary pressures at home. Meituan opened sharply down, but closed 2 per cent higher after the leading delivery group reported a 46 per cent rise in first-quarter net profit. However, it warned that second quarter would likely be hit by increased competition in the so-called "instant retail" segment. Tokyo stocks extended gains as a weakening yen triggered strong buying in Nikkei futures. The benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, closed at 37,724.11, up 192.58 points, or 0.51 percent. In afternoon trading in the foreign exchange market, the yen slipped to the 143 range against the US dollar. Export-related stocks, including Toyota, which had been weak in the morning session, rebounded on improved profit expectations due to the weaker yen. The broader Topix index also rose for a third day, gaining 17.58 points, or 0.64 percent, to close at 2,769.49. (Reuters/AFP/Xinhua)
