SHANGHAI: China stocks edged down on Friday and looked set to end the week flat, as the market took a breather following US President Donald Trump’s indication of a possible end to the tit-for-tat trade war between the world’s two largest economies.
Hong Kong stocks drop on trade war anxiety, China inches higher
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China’s blue-chip CSI300 Index and the Shanghai Composite Index both dipped 0.4% each. For the week, the CSI300 Index was on track to end up 0.2%.
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Trump on Thursday signalled a potential end to the tit-for-tat tariff hikes between the US and China that shocked markets, and that a deal over the fate of social media platform TikTok may have to wait.
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The CSI300 Index has only dropped 3% since April 2 when Trump announced reciprocal tariffs that upended global stock markets, as state-backed investors stepped in to support markets and local bourses set daily restrictions on net share sales.
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The Hong Kong market is closed for local holidays and will resume trading next Tuesday. For the short week, Hang Seng Index rose 2.3%.
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Consumer staple shares declined 1.2%, dragging performance onshore, while financial shares edged up 0.4%.
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One of the few bright spots is the BSE 50 Index , a gauge for start-ups listed in Beijing, was up 1.5%.
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Nvidia CEO Jensen Huang said on Thursday that China was a very important market for Nvidia after the US imposed a ban on sales of its H20 artificial intelligence chips to the country.
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The CSI All Share Semiconductor Index dropped 1.6%.
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Investors are awaiting a press conference scheduled for Monday, where regulators are expected to outline their plan for “expanding opening-up of the service-sector”.
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