Hong Kong stocks rise on optimism over ongoing US-China trade talks
The Hang Seng Index rose 0.1 per cent to 24,213.42 at 9.55am local time, approaching a level not seen since March 20. The Hang Seng Tech Index fell 0.1 per cent. On the mainland, the CSI 300 Index climbed 0.3 per cent and the Shanghai Composite Index strengthened 0.2 per cent.
Aluminium maker China Hongqiao Group rallied 3.7 per cent to HK$15.06 and
Wuxi Biologics rose 1.7 per cent to HK$26.45.
Chinese property firms traded higher on news that Beijing was tapping its housing provident fund to give buyers an alternative to bank mortgages. China Overseas Land and Investment rose 2.3 per cent to HK$13.62 and Longfor Group Holdings added 3.2 per cent to HK$9.91.
Some tech stocks weakened: electric-vehicle maker Li Auto fell 1.8 per cent to HK$117.90, Meituan retreated 1.7 per cent to HK$145.90 and JD.com dropped 0.7 per cent to HK$133.10.
The first day of trade talks did not yield breakthroughs, but US officials confirmed that discussions would continue on Tuesday, adding that they were optimistic. Traders were expected to keep a close watch on the latest developments centred around shipments of technology and rare earth elements.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
4 hours ago
- South China Morning Post
Trump tariff threats loom over China's Russian oil purchases, following his move on India
Even in the face of threats by US President Donald Trump to levy tariffs on countries that import Russian goods, analysts expect that China 'will not stop' buying oil from its northern neighbour, given their mutually beneficial relationship of energy cooperation. Oil from Russia will continue to flow south over the long run because 'China's strategic goals require a stable and secure supply of critical resources such as oil', said Matt Gertken, chief geopolitical strategist at BCA Research in Canada. His comments came with Trump sharpening his threat of sanctions on Russia if it fails to engage in a ceasefire in Ukraine, where Moscow has waged war for the last three and a half years. Previously, both the United States and the European Union announced blanket sanctions on Russia, and they also tried to cut off its lifelines by threatening secondary sanctions on those helping it. 'The US said at the time that it would implement those [tariff] threats by August 7-9 if trade with Russia was not curtailed by then, and affirmed that China would be a target,' Gertken added. 'The US has already taken action on India, so China is next in line.' Russia is China's top source of crude imports, supplying a record high 108.5 million tonnes, or 19.6 per cent of its total imports, last year. Guo Jiakun, spokesman for China's Ministry of Foreign Affairs, said at a press conference last week that 'China will take energy supply measures … based on national interests', while 'tariff wars have no winners'.
South China Morning Post
5 hours ago
- South China Morning Post
‘China is next in line': after India, Trump tariff threats loom over Russian oil purchases
Even in the face of threats by US President Donald Trump to levy tariffs on countries that import Russian goods, analysts expect that China 'will not stop' buying oil from its northern neighbour, given their mutually beneficial relationship of energy cooperation. Advertisement Oil from Russia will continue to flow south over the long run because 'China's strategic goals require a stable and secure supply of critical resources such as oil', said Matt Gertken, chief geopolitical strategist at BCA Research in Canada. His comments came with Trump sharpening his threat of sanctions on Russia if it fails to engage in a ceasefire in Ukraine, where Moscow has waged war for the last three and a half years. Previously, both the United States and the European Union announced blanket sanctions on Russia, and they also tried to cut off its lifelines by threatening secondary sanctions on those helping it. 'The US said at the time that it would implement those [tariff] threats by August 7-9 if trade with Russia was not curtailed by then, and affirmed that China would be a target,' Gertken added. 'The US has already taken action on India, so China is next in line.' Advertisement Russia is China's top source of crude imports, supplying a record high 108.5 million tonnes, or 19.6 per cent of its total imports, last year. Guo Jiakun, spokesman for China's Ministry of Foreign Affairs, said at a press conference last week that 'China will take energy supply measures … based on national interests', while 'tariff wars have no winners'.
South China Morning Post
6 hours ago
- South China Morning Post
Trump says US-China deal ‘very close', links agreement to Xi Jinping meeting
US President Donald Trump said he was 'getting very close to a deal' with China to extend the trade truce that saw the two countries agree to reduce tit-for-tat tariff hikes and ease export restrictions on rare earth magnets and certain technologies. 'It's not imperative, but I think we're going to make a good deal,' Trump said in an interview with CNBC, adding that the US was 'getting along with China very well'. Still, Trump downplayed the notion that he was eager for a meeting with Chinese President Xi Jinping, saying he would only want to see his Chinese counterpart as part of an effort to conclude trade negotiations. 'I'll end up having a meeting before the end of the year, most likely, if we make a deal,' Trump said. 'If we don't make a deal, I'm not going to have a meeting.' 'It's a 19-hour flight – it's a long flight, but at some point in the not too distant future, I will,' Trump added. A preliminary deal between the US and China is set to expire on August 12. That initial truce eased worries of a tariff war that threatened to choke off bilateral trade between the world's two largest economies and also gave the countries more time to discuss other unresolved issues such as duties tied to fentanyl trafficking. Last week, US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng met in Stockholm – the third round of trade talks between the US and Beijing in less than three months.
