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Business Recorder
a day ago
- Business
- Business Recorder
China, HK stocks close down as US-China call offers no clear progress on trade
SHANGHAI: China and Hong Kong stocks ended slightly lower on Friday, as investors remained cautious after a call between US President Donald Trump and Chinese leader Xi Jinping failed to provide clear signals of progress in easing trade tensions. Trump and Xi confronted weeks of brewing trade tensions and a battle over critical minerals in a rare leader-to-leader call on Thursday, leaving key issues unresolved for future talks. 'If you look at the conversation between Chinese and US presidents, there's nothing concrete that's positive. So little impact on stocks,' said Guo Jianwen, partner at Shanghai-based hedge fund Haiyi Capital. China's blue-chip CSI300 Index fell 0.1%, while the Shanghai Composite Index was flat. Hong Kong benchmark Hang Seng Index dipped 0.5%. For the holiday-shortened week, the CSI 300 Index gained nearly 1%, while the Hang Seng Index rose 2.2%. 'The only good news is that things are not getting worse,' said William Xin, chairman of Shanghai-based hedge fund Spring Mountain Pu Jiang Investment Management. 'If Trump can come to China for a visit in the short term, that would be hugely positive.' Chinese markets have lacked clear direction since April 2, when Trump unveiled sweeping reciprocal tariffs, raising fears of a global trade disruption. The blue-chip CSI300 Index has barely budged from the April 2 level, and Hong Kong's benchmark Hang Seng Index gained less than 3% during the period, both lagging the recovery seen among major global markets. Investors should not over-interpret the talk as both sides are still struggling to adapt to each other in a broad confrontational trend, said Charles Wang, chairman, Shenzhen Dragon Pacific Capital Management. Wang said the most significant takeaway from the leaders' exchange was Xi's warning to Trump against provocative actions on Taiwan, which he interpreted as a signal that Beijing is not preparing for a near-term military move. Chinese tech American Depositary Receipts (ADRs) rose just 0.85% in New York overnight following the call, while tech majors listed in Hong Kong fell 0.6%. Onshore non-ferrous metal shares gained 1.1%, and materials stocks listed in Hong Kong jumped 2.4%.
Time of India
2 days ago
- Business
- Time of India
China, HK stocks close down as US-China call offers no clear progress on trade
China and Hong Kong stocks ended slightly lower on Friday, as investors remained cautious after a call between U.S. President Donald Trump and Chinese leader Xi Jinping failed to provide clear signals of progress in easing trade tensions. Trump and Xi confronted weeks of brewing trade tensions and a battle over critical minerals in a rare leader-to-leader call on Thursday, leaving key issues unresolved for future talks. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Esse novo alarme com câmera é quase gratuito em Niterói (consulte o preço) Alarmes Undo "If you look at the conversation between Chinese and U.S. presidents, there's nothing concrete that's positive. So little impact on stocks," said Guo Jianwen, partner at Shanghai-based hedge fund Haiyi Capital. China's blue-chip CSI300 Index fell 0.1%, while the Shanghai Composite Index was flat. Hong Kong benchmark Hang Seng Index dipped 0.5%. For the holiday-shortened week, the CSI 300 Index gained nearly 1%, while the Hang Seng Index rose 2.2%. Live Events "The only good news is that things are not getting worse," said William Xin, chairman of Shanghai-based hedge fund Spring Mountain Pu Jiang Investment Management. "If Trump can come to China for a visit in the short term, that would be hugely positive." Chinese markets have lacked clear direction since April 2, when Trump unveiled sweeping reciprocal tariffs, raising fears of a global trade disruption. The blue-chip CSI300 Index has barely budged from the April 2 level, and Hong Kong's benchmark Hang Seng Index gained less than 3% during the period, both lagging the recovery seen among major global markets. Investors should not over-interpret the talk as both sides are still struggling to adapt to each other in a broad confrontational trend, said Charles Wang, chairman, Shenzhen Dragon Pacific Capital Management. Wang said the most significant takeaway from the leaders' exchange was Xi's warning to Trump against provocative actions on Taiwan, which he interpreted as a signal that Beijing is not preparing for a near-term military move. Chinese tech American Depositary Receipts (ADRs) rose just 0.85% in New York overnight following the call, while tech majors listed in Hong Kong fell 0.6%. Onshore non-ferrous metal shares gained 1.1%, and materials stocks listed in Hong Kong jumped 2.4%. China's 10-year and 30-year government bond yields held steady, after the country's central bank said it would inject 1 trillion yuan ($139.23 billion) cash to its banking system via outright reverse repos on Friday. ($1 = 7.1826 Chinese yuan)
Business Recorder
13-05-2025
- Business
- Business Recorder
Chinese stock rally on US-China trade deal
SINGAPORE: Chinese stocks rallied and the yuan strengthened on Monday after the United States and China said they have agreed to a deal to slash reciprocal tariffs in a substantial de-escalation of a potentially damaging trade war. US Treasury Secretary Scott Bessent, speaking after talks with Chinese officials in Geneva, told reporters the two sides had reached the deal that was outlined in a joint statement and that reciprocal rates would drop by 115 percentage points. The move gave investors some confidence that a full-scale trade war may have been averted. Hong Kong's benchmark Hang Seng Index extended the gains and closed up 3% after the news and the Hang Seng Tech Index rallied more than 5%, both representing the biggest single-day jumps since early March. The yuan strengthened to as much as 7.2001 against the dollar to reach a six-month high, while its offshore counterpart rose more than 0.5%. China's blue-chip CSI 300 Index closed up 1.2% and the Shanghai Composite Index added 0.8% before the details came out. 'The result far exceeds market expectations. Previously, the hope was just that the two sides can sit down to talk, and the market had been very fragile,' said William Xin, chairman of hedge fund Spring Mountain Pu Jiang Investment Management in Shanghai. 'Now there's more certainty. Both China stocks and the yuan will be in an upswing for a while.' This weekend's Geneva meetings were the first face-to-face interactions between senior US and Chinese economic officials since US President Donald Trump returned to power and launched a global tariff blitz.
Yahoo
12-05-2025
- Business
- Yahoo
China and US agree 90-day pause to trade war initiated by Donald Trump
China and the US have agreed a 90-day pause to the deepening trade war that has threatened to upend the global economy, with reciprocal tariffs to be lowered by 115 percentage points. Speaking to the media after talks in Geneva, the US treasury secretary, Scott Bessent, said both sides had shown 'great respect' in the negotiations. Bessent said: 'The consensus from both delegations this weekend was neither side wants a decoupling.' The 90-day lowering of tariffs applies to the duties announced by Donald Trump on 2 April, which ultimately escalated to 125% on most Chinese imports, with Beijing responding with equivalent measures. China also imposed non-tariff measures, such as restricting the export of critical minerals that are essential to US manufacturing of hi-tech goods. The US trade representative, Jamieson Greer, said China's retaliation had been disproportionate and amounted to an effective embargo on trade between the world's two biggest economies. With the 115 percentage point deduction, Chinese duties on US goods will be lowered to 10%, while the US tax on Chinese goods will be lowered to 30%. That is because the US tariffs include a 20% rate imposed by Trump before the latest trade war, which the president said was related to China's role in the US's fentanyl crisis. The fentanyl-related tariff will still apply. A spokesperson for China's ministry of commerce said: 'This move meets the expectations of producers and consumers in both countries, as well as the interests of both nations and the common interest of the world. 'We hope that the US side will, based on this meeting, continue to move forward in the same direction with China, completely correct the erroneous practice of unilateral tariff hikes, and continually strengthen mutually beneficial cooperation.' China's yuan jumped to a six-month high on the signal that the trade war would be paused. Up to 16m jobs were at risk in China, according to some estimates, while the US faced rising inflation and empty shelves thanks to dizzying tariffs on the biggest supplier of US goods. Bessent said he was impressed by the level of Chinese engagement on the fentanyl problem during the talks in Switzerland. 'For the first time the Chinese side understood the magnitude of what is happening in the US,' Bessent said. A joint statement published by the US and China on Monday said both sides would 'continue to advance related work in a spirit of mutual openness, continuous communication, cooperation and mutual respect'. William Xin, the chair of the hedge fund Spring Mountain Pu Jiang Investment Management, told Reuters: 'The result far exceeds market expectations. Previously, the hope was just that the two sides can sit down to talk, and the market had been very fragile. Now, there's more certainty. Both China stocks and the yuan will be in an upswing for a while.' Hu Xijin, the former editor of the nationalist Chinese tabloid the Global Times, said on social media the agreement was a 'great victory for China in upholding the principles of equality and mutual respect'. Hu noted on Weibo that the recently agreed UK-US trade deal maintained the US's 10% tariff on UK imports, 'while the UK did not implement reciprocal measures'. Wang Wen, the head of the Chongyang Institute for Financial Studies at Renmin University in Beijing, said: 'This is an unexpected achievement in Sino-US tariff negotiations.' However, Wang also urged caution, as he said the agreement 'does not represent the resolution of the structural contradictions between China and the United States, nor does it mean that there will be no friction and serious differences between China and the United States in the future'. Stock markets across Europe rose in the aftermath of the US-China announcement. Germany's Dax index jumped by nearly 1%, as Mercedes-Benz, Daimler Trucks and BMW were among the biggest risers. France's Cac 40 index rose by 1.3%. Shares in the Danish shipping group Maersk rose 12%. Brent crude rose almost 3% at $65.75 a barrel, while the dollar index, which measures the greenback against a basket of currencies, jumped by 1.2%. After the announcement of the US-China agreement, analysts at the Dutch bank ING lifted their forecast for China's growth this year. ING predicted a jump in exports from China to the US, reverting to forecasting 4.7% growth in the Chinese economy this year. Additional research by Lillian Yang
The Sun
12-05-2025
- Business
- The Sun
China stocks, yuan surge after US tariff cut deal
SINGAPORE/SHANGHAI: Chinese stocks rallied and the yuan strengthened on Monday after the United States and China said they have agreed to a deal to slash reciprocal tariffs in a substantial de-escalation of a potentially damaging trade war. Speaking after talks with Chinese officials in Geneva over the weekend, U.S. Treasury Secretary Scott Bessent told reporters the two sides had reached a deal for a 90-day pause on measures and that reciprocal tariffs would come down by 115%. Hong Kong's benchmark Hang Seng Index extended the gains to over 3% after the news, while the Hang Seng Tech Index rallied more than 5%. The yuan strengthened to 7.2001 against the dollar to reach a six-month high, while its offshore counterpart rose more than 0.5%. China's blue-chip CSI 300 Index closed up 1.2% and the Shanghai Composite Index added 0.8% before the details came out. 'The result far exceeds market expectations. Previously, the hope was just that the two sides can sit down to talk, and the market had been very fragile,' said William Xin, chairman of hedge fund Spring Mountain Pu Jiang Investment Management in Shanghai. 'Now there's more certainty. Both China stocks and the yuan will be in an upswing for a while.' Ahead of the talks, U.S. President Donald Trump had signalled punitive tariffs of 145% on China would likely come down and even floated an alternate tariff figure of 80% that he said 'seems right'. China is at the epicentre of Trump's global trade war that has roiled financial markets, upended supply chains and fuelled risks of a sharp worldwide economic downturn. Tensions between the two sides have steadily ratcheted up since Trump's inauguration in January, intensifying after his April 2 'Liberation Day' announcement of sweeping tariffs and Beijing retaliating with equally hefty tariffs on U.S. goods. China's blue-chip CSI300 Index dropped sharply the week following those tariff announcements but has since recovered. It is now nearly back around the April 2 level. The Hong Kong benchmark Hang Seng is down 0.3% since April 2. The yuan has benefited from the capital flight from U.S. markets and dollar assets, and is up 0.4% since early April.
