Latest news with #ShanghaiComposite
Business Recorder
20 hours 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.
Business Standard
a day ago
- Business
- Business Standard
Chinese shares end lower over tariff uncertainty
Asian stocks ended mostly lower on Friday due to uncertainty surrounding a court battle about U.S. President Donald Trump's tariffs and rising concerns about U.S. economic stability. Gold headed for a weekly loss in Asian trade as the dollar ticked higher ahead of a key U.S. inflation reading that may provide further insight into the Federal Reserve's policy trajectory. Oil prices were set for a second weekly decline, weighed down by expectations of another OPEC+ output hike in July. China's Shanghai Composite index dropped 0.47 percent to 3,347.49, with Apple suppliers leading losses after U.S. Treasury Secretary Scott Bessent said U.S.-China trade talks are "a bit stalled," and getting a deal over the finish line may need the direct involvement of President Donald Trump and Chinese President Xi Jinping.
New Indian Express
a day ago
- Business
- New Indian Express
European benchmarks rise while Asian shares finished lower amid uncertainty over Trump's tariffs
Hong Kong's Hang Seng slipped 1.2% to 23,289.77, while the Shanghai Composite shed 0.5% to 3,347.49. Earlier this week, the U.S. Court of International Trade said that the 1977 International Emergency Economic Powers Act that Trump cited for ordering massive increases in taxes on imports from around the world does not authorize the use of tariffs. The ruling at first raised hopes in financial markets that a hamstrung Trump would not be able to drive the economy into a recession with his tariffs, which had threatened to grind down on global trade and raise prices for consumers already sick of high inflation. But the tariffs remain in place for now while the White House appeals the ruling, and the ultimate outcome is still uncertain. The court's ruling also affects only some of Trump's tariffs, not those on foreign steel, aluminum and autos, which were invoked under a different law. The Court of Appeals for the Federal Circuit on Thursday allowed the president to temporarily continue collecting the tariffs under the emergency powers law while he appeals the trade court's decision. Un energy trading, benchmark U.S. crude rose 24 cents to $61.18 a barrel. Brent crude, the international standard, edged up 23 cents to $64.38 a barrel. In currency trading, the U.S. dollar declined to 143.96 Japanese yen from 144.12 yen. The euro cost $1.1342, down from $1.1367. (By YURI KAGEYAMA)
Time of India
a day 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.
Mint
2 days ago
- Automotive
- Mint
China, HK shares dip as Apple suppliers slip on tariff concerns, auto makers tumble
HONG KONG, - Chinese stocks fell on Friday as Apple suppliers weakened after a U.S. court reinstated the tariffs, while automakers extended losses amid ongoing price war concerns, pushing major indices toward weekly declines. ** At the midday break, China's blue-chip CSI300 index weakened 0.3%, heading to the second week of loss. The Shanghai Composite index also dropped 3% to 3,353.07 points. ** Declines were sharper in Hong Kong. The Chinese H-share index listed in Hong Kong, the Hang Seng China Enterprises Index fell 1.7% and Hong Kong's benchmark Hang Seng Index lost 1.5%, both set to snap a six-week winning streak. ** "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." ** Weighing on the markets on Friday, Apple suppliers tumbled after an appeals court kept President Donald Trump's tariffs in effect, a day after a trade court blocked them, saying the president exceeded his authority. ** iPhone assembler Foxconn lost 3.5%, BYD Electronics tumbled 5% and Lens Tech weakened 3.8%. ** Auto shares continued the downward trend as price war concerns linger. Shares of Xpeng, BYD and Nio all slipped more than 4%. ** Cushioning the losses, the CSI Banks Index advanced 1% after news that People's Bank of China Governor Pan Gongsheng will attend the opening ceremony of the Lujiazui Forum in Shanghai next month and announce several major financial policies. ** Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.5% while Japan's Nikkei index was down 1.3%. This article was generated from an automated news agency feed without modifications to text.
