An official confirmation that Chinese Vice-Premier Liu He will visit the US this week for a fresh round of trade talks soothes jittery sentiment. Investors waited to see how Beijing would respond to fresh tariffs threats from U. S. President Donald Trump, which have thrown trade talks between the two sides into doubt. The world's two largest economies are expected to continue talks on Thursday and Friday in Washington for negotiations aimed at ending the tit-for-tat tariff war, U.
S. media reported.
Markets are watching closely to see if China will still send top negotiator Vice Premier Liu He to Washington this week for further discussions, after Trump unexpectedly announced he will hike U. S. tariffs on Chinese goods from Friday and impose new levies soon.
US President Donald Trump dramatically increased pressure on China to reach a trade deal on Sunday by announcing he will hike tariffs on $200 billion worth of Chinese goods this week and target hundreds of billions more soon. The announcement via Twitter marks a major shift in tone from Trump, who has cited good progress in the talks and praised his relationship with Chinese President Xi Jinping. The tweets upended the previously calm market mood that had benefited from signs of improving economic growth in China and the United States, and from comments from Trump and other senior U. S. officials that trade talks were going well.
Blue chips were mixed. HSBC (00005) edged up 0.9% to HK$68.7. HKEX (00388) softened 0.3% to HK$265.2. Tencent (00700) jumped 1.4% to HK$380.8. China Mobile (00941) dipped 0.6% to HK$73.45. AIA (01299) gained 1.7% to HK$81.8.
Shares of energy companies advanced after crude oil prices rebounded on rising tension between the US and Iran. CNOOC (00883) added 3.1% to HK$13.9. PetroChina (00857) slipped 0.4% to HK$4.77. Sinopec (00386) shed 0.2% to HK$5.87.
Shares of consumer staples were mixed, with Want Want China rising 1.6% to HK$6.33. Uni-President China (00220) gained 2.7% to HK$7.2. COFCO Meat (01610) dipped 3.4% to HK$3.09. China Yurun Food (01068) slipped 2.2% to HK$1.32. Shares of pharmaceutical counters saw buying support after yesterday's slump. Shanghai Pharmaceuticals (02607) jumped 1.7% to HK$16. Sino Biopharmaceutical (01177) rose 0.7% to HK$7.38. Genscript Biotech (01548) shot up 2.9% to HK$19.7. Sinopharm Group (01099) put on 1.6% to HK$31. 3SBio Inc (01530) soared 2.9% to HK$14.34.
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