Hong Kong stocks waver as traders focus on US tariff threats, ignore China trade data
stocks fluctuated on Monday as traders weighed renewed US tariff threats against better-than-expected China trade data.
The Hang Seng Index rose 0.1 per cent to 24,148.71 as of 10.05am local time after dropping as much as 0.2 per cent. The Hang Seng Tech Index fell 0.1 per cent. On the mainland, the Shanghai Composite Index advanced 0.3 per cent, while the CSI 300 Index was little changed.
Electric-car maker Li Auto gained 2.8 per cent to HK$111.90, while coal miner Zijin Mining Group advanced 3.3 per cent to HK$20.65 and China Shenhua Energy added 4.2 per cent to HK$32.20.
The laggards included search-engine operator Baidu, which slumped 3.1 per cent to HK$83.85, while e-commerce leader JD.com slid 1.5 per cent to HK$121.40 and online travel platform Trip.com eased 1.4 per cent to HK$481.20.
US President Donald Trump on Friday proposed raising baseline tariffs on imports to 15 to 20 per cent, and later threatened 30 per cent duties on goods from the European Union and Mexico from August 1, despite ongoing talks.
China's exports in yuan terms rose 7.2 per cent year on year from January to June, official data released on Monday morning showed, beating a 5 per cent increase forecast by Bloomberg, as exporters took advantage of a 90-day tariff truce to speed up their shipments. The figure follows a 4.8 per cent growth in May.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
an hour ago
- South China Morning Post
Trump says not planning to fire US Fed chief Powell, after report prompts drop in stocks
US President Donald Trump said Wednesday he is not planning to fire Federal Reserve Chair Jerome Powell, after a Bloomberg report that the president is likely to do so soon sparked a drop in stocks and the dollar, and a rise in Treasury yields. Such reports were not true, Trump said. 'I don't rule out anything, but I think it's highly unlikely unless he has to leave for fraud,' Trump said, a reference to recent White House and Republican lawmaker criticism of cost overruns in the US$2.5 billion renovation of the Fed's historic headquarters in Washington. Stocks pared losses and Treasury yields pared declines after Trump's comments, which also included a now familiar barrage of criticism against the Fed chair for not cutting interest rates, calling him a 'terrible' chair. Trump did talk to some Republican lawmakers about firing Powell, he said, but said he was more conservative about his approach to the question than they were. The president said 'almost every one of them' supported the idea of removing the central bank chief, but denied that he drafted and displayed a letter authorising Powell's firing. Two individuals familiar with the meeting said Trump did display such a document.
South China Morning Post
3 hours ago
- South China Morning Post
How easing of AI chip controls could reshape US-China trade talks
The United States' decision to ease export restrictions on certain advanced chips – part of a broader package of trade agreements with China – is seen by experts as an early sign that high-level negotiations have steered bilateral relations in the right direction. Washington's move to resume license application reviews for Nvidia's H20 AI and Advanced Micro Devices's MI308 AI chips comes ahead of talks between senior officials from both nations in the coming weeks, despite a protracted strategic stand-off over tech and export controls. Zhuang Bo, global macro strategist at Loomis Sayles Investment Asia, said the development was a clear win for China – effectively resetting the clock to March, before rare earths became a geopolitical chokepoint. 'It signals that Beijing is inching closer to the G2-style negotiations it has long sought, framed in official rhetoric as a call for 'mutual respect and equality.'' While the reality on the ground has not changed much, the situation has not deteriorated, he added. 'Whether there will be a Xi-Trump summit later this year will be crucial. If that happens, a partial agreement is still possible.' On Tuesday, AMD said the US Department of Commerce was reviewing its licence applications to export MI308 chips to China, and that sales would resume once approved.
South China Morning Post
4 hours ago
- South China Morning Post
Ride-hailing is set to be legalised in Hong Kong in 2026 but what questions remain?
Hong Kong authorities have unveiled highly anticipated proposals to regulate ride-hailing services, marking a significant milestone for a sector that has existed locally in a grey area for a decade. However, unanswered questions remain on the proposed new regulatory regime, with figures for quotas on ride-hailing vehicles, a levy on trips and assorted fees not yet disclosed. The Post unpacks the regulatory proposals and how they may affect users of ride-hailing services. 1. What is the proposed legal framework? Transport authorities announced their proposals on Tuesday and hope to legalise ride-hailing services as early as the first half of next year. Under the proposed framework, ride-hailing platform operators and drivers will be subject to renewable licences every five years, and vehicles annually, to prevent the speculative trading that is rampant in the taxi trade. Ride-hailing vehicles must not be older than seven years and must also be registered in the name of the owner, who will have to pay for commercial insurance. Platform operators must be Hong Kong-registered companies that meet the government's required operation threshold and have a certain investment commitment to be eligible to provide ride-hailing services. Drivers must also be aged 21 or above, hold a private driving licence for at least one year, pass an assessment, and have had no serious traffic incidents in the past five years. Existing cabbies are allowed to obtain such a licence without going through the assessment.
