Latest news with #MatthewsAsia
Reuters
5 days ago
- Business
- Reuters
Indian benchmarks erase losses as hopes of US-Russia talks arrest tariff-led slide
MUMBAI, Aug 7 (Reuters) - India's stock benchmarks erased intraday losses to settle flat on Thursday, as news of a U.S.-Russia presidential meeting helped markets rebound from a slide sparked by the U.S. doubling tariffs on Indian goods. The Nifty 50 (.NSEI), opens new tab and Sensex (.BSESN), opens new tab dropped nearly 1% intraday, hitting their lowest since May. The Nifty, however, closed 0.09% higher at 24,596.15 points and the Sensex gained 0.1% to 80,623.26. The benchmarks recovered after the announcement of a meeting between Russian President Putin and U.S. President Trump in the coming days, which analysts say will soften Washington's stance on India's imports of Russian oil. The broader small- (.NIFSMCP100), opens new tab and mid-caps (.NIFMDCP100), opens new tab rose 0.2% and 0.3% respectively. On Wednesday, Trump imposed an additional 25% tariff on Indian goods over the 25% duty announced earlier, citing New Delhi's continued buying of Russian oil. "The prima facie imposition of a combined 50% tariff on Indian exports is negative for markets and for investor sentiment, including foreign institutional investors," said Peeyush Mittal, portfolio manager at Matthews Asia. Foreign portfolio investors have sold Indian shares worth $900 million so far in August, following $2 billion in outflows in July amid trade uncertainty and weak corporate earnings. Still, expectations of a resolution before the new tariffs take effect on August 27 and the news of U.S.-Russia presidential talks helped markets recover from the day's losses, three analysts said. Energy (.NIFTYENR), opens new tab and oil & gas (.NIFOILGAS), opens new tab indexes, which lost about 1% each during the session, dragged by Reliance ( opens new tab and oil-marketing companies on fears of rising costs if Russian oil supplies are disrupted, pared most of their losses to close about 0.2% lower. IT (.NIFTYIT), opens new tab and pharma (.NIPHARM), opens new tab stocks, which have high exposure to the U.S. economy, also rebounded from intraday declines and rose 0.9% and 0.8%, respectively. Among individual stocks, Hero MotoCorp ( opens new tab jumped 4.2% after reporting a quarterly profit beat.
Business Recorder
5 days ago
- Business
- Business Recorder
China, Hong Kong stocks edge higher
SINGAPORE: Mainland China and Hong Kong stocks edged higher on Wednesday, underpinned by market hopes for an extended trade truce between the United States and China to reach a final deal. US President Donald Trump said on Tuesday the US was close to a trade deal with China and that he would meet his Chinese counterpart, Xi Jinping, before the end of the year if an agreement is struck. 'We're getting very close to a deal. We're getting along with China very well,' Trump said. 'Investors were keen to hear about the de-escalation of Sino-US trade tensions since early May,' said Steven Sun, head of research at HSBC Qianhai Securities. Meanwhile, Winnie Chwang, portfolio manager at Matthews Asia, said investors would like to see more clarity from Sino-US trade negotiations. 'I do sense that, while there's been a bit more interest in revisiting the Chinese markets, there are also still investors that sit on the fence, primarily given the still uncertain nature of trade, and it's very difficult to make any sort of confident predictions,' Chwang said. At the midday break, the Shanghai Composite index was up 0.27% at 3,627.54 points, on course for a third straight session of gains. China's blue-chip CSI300 index was up 0.18%. ** Defence and coal shares led gains in morning trades, rising 2.9% and 1.8%, respectively. In Hong Kong, the benchmark Hang Seng Index was up 0.18% at 24,947.45 points, while the Hang Seng China Enterprises Index fell 0.03% to 8,948.78 points. Separately, market attention will shift to a string of domestic economic data due later this week, including trade on Thursday and inflation on Saturday, that will give clues on the health of the economy.
Economic Times
6 days ago
- Business
- Economic Times
Shanghai stocks hit highest level since 2021 on Sino-US trade deal hopes
The Shanghai benchmark advanced to its highest close in more than 3-1/2 years on Wednesday, underpinned by market hopes for an extended trade truce between the United States and China to reach a final deal. ADVERTISEMENT At the close, the Shanghai Composite index was up 0.45% at 3,633.99 points, marking the third straight session of gains, and booking the highest close since December 31, 2021. Meanwhile, the blue-chip CSI300 index was up 0.24%. Defence and coal shares led gains, rising 2.65% and 2.21%, respectively. U.S. President Donald Trump said on Tuesday the U.S. was close to a trade deal with China and that he would meet his Chinese counterpart, Xi Jinping, before the end of the year if an agreement is struck. "We're getting very close to a deal. We're getting along with China very well," Trump Chwang, portfolio manager at Matthews Asia, said investors would like to see more clarity from Sino-U.S. trade negotiations. ADVERTISEMENT "I do sense that, while there's been a bit more interest in revisiting the Chinese markets, there are also still investors that sit on the fence, primarily given the still uncertain nature of trade, and it's very difficult to make any sort of confident predictions," Chwang said. Jason Lui, head of East Asia strategy at BNP Paribas, said China's decision to re-impose value-added tax on interest rate income from new treasury, local government and financial bonds encouraged fund re-allocation. ADVERTISEMENT "By re-imposing the VAT, policymakers may have aimed to redirect funds from the rates market to the equity and the credit market," Lui said. "This move would also align with the commitment to 'strengthen the improving momentum in the capital market' as outlined by the latest Politburo meeting."In Hong Kong, the benchmark Hang Seng Index inched up 0.03% at 24,910.63 points, while the Hang Seng China Enterprises index fell 0.21% to 8,932.68 points. ADVERTISEMENT Separately, market attention will shift to a string of domestic economic data due later this week, including trade on Thursday and inflation on Saturday, that will give clues on the health of the economy. A Reuters poll showed that China's export growth probably slowed in July, as manufacturers await clarity on whether Beijing can reach a deal with its top consumer market, the United States, or if Trump will reinstate additional tariffs on goods from China. (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
6 days ago
- Business
- Time of India
Shanghai stocks close at highest since late 2021 on hopes for Sino-US trade deal
The Shanghai benchmark advanced to its highest close in more than 3-1/2 years on Wednesday, underpinned by market hopes for an extended trade truce between the United States and China to reach a final deal. At the close, the Shanghai Composite index was up 0.45% at 3,633.99 points, marking the third straight session of gains, and booking the highest close since December 31, 2021. Meanwhile, the blue-chip CSI300 index was up 0.24%. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas In Dubai | Search Ads Get Rates Undo Defence and coal shares led gains, rising 2.65% and 2.21%, respectively. U.S. President Donald Trump said on Tuesday the U.S. was close to a trade deal with China and that he would meet his Chinese counterpart, Xi Jinping, before the end of the year if an agreement is struck. "We're getting very close to a deal. We're getting along with China very well," Trump said. Live Events Winnie Chwang, portfolio manager at Matthews Asia, said investors would like to see more clarity from Sino-U.S. trade negotiations. "I do sense that, while there's been a bit more interest in revisiting the Chinese markets, there are also still investors that sit on the fence, primarily given the still uncertain nature of trade, and it's very difficult to make any sort of confident predictions," Chwang said. Jason Lui, head of East Asia strategy at BNP Paribas , said China's decision to re-impose value-added tax on interest rate income from new treasury, local government and financial bonds encouraged fund re-allocation. "By re-imposing the VAT, policymakers may have aimed to redirect funds from the rates market to the equity and the credit market," Lui said. "This move would also align with the commitment to 'strengthen the improving momentum in the capital market' as outlined by the latest Politburo meeting." In Hong Kong, the benchmark Hang Seng Index inched up 0.03% at 24,910.63 points, while the Hang Seng China Enterprises index fell 0.21% to 8,932.68 points. Separately, market attention will shift to a string of domestic economic data due later this week, including trade on Thursday and inflation on Saturday, that will give clues on the health of the economy. A Reuters poll showed that China's export growth probably slowed in July, as manufacturers await clarity on whether Beijing can reach a deal with its top consumer market, the United States, or if Trump will reinstate additional tariffs on goods from China.
Business Recorder
6 days ago
- Business
- Business Recorder
Mainland China, Hong Kong stocks edge higher on hopes for Sino-US trade deal
SHANGHAI/SINGAPORE: Mainland China and Hong Kong stocks edged higher on Wednesday, underpinned by market hopes for an extended trade truce between the United States and China to reach a final deal. U.S. President Donald Trump said on Tuesday the U.S. was close to a trade deal with China and that he would meet his Chinese counterpart, Xi Jinping, before the end of the year if an agreement is struck. 'We're getting very close to a deal. We're getting along with China very well,' Trump said. 'Investors were keen to hear about the de-escalation of Sino-U.S. trade tensions since early May,' said Steven Sun, head of research at HSBC Qianhai Securities. Meanwhile, Winnie Chwang, portfolio manager at Matthews Asia, said investors would like to see more clarity from Sino-U.S. trade negotiations. 'I do sense that, while there's been a bit more interest in revisiting the Chinese markets, there are also still investors that sit on the fence, primarily given the still uncertain nature of trade, and it's very difficult to make any sort of confident predictions,' Chwang said. At the midday break, the Shanghai Composite index was up 0.27% at 3,627.54 points, on course for a third straight session of gains. China's blue-chip CSI300 index was up 0.18%. Defence and coal shares led gains in morning trades, rising 2.9% and 1.8%, respectively. In Hong Kong, the benchmark Hang Seng Index was up 0.18% at 24,947.45 points, while the Hang Seng China Enterprises Index fell 0.03% to 8,948.78 points. Separately, market attention will shift to a string of domestic economic data due later this week, including trade on Thursday and inflation on Saturday, that will give clues on the health of the economy.
