Stocks Surge as U.S. Trade Court Blocks Trump's Tariffs
Mainland China and Hong Kong stocks rose with key indexes experiencing a rebound after a U.S. trade court blocked President Trump's tariffs, boosting global market sentiment. However, gains were limited by ongoing trade tensions between Washington and Beijing.
Stocks in Mainland China and Hong Kong advanced on Thursday, buoyed by a U.S. trade court's decision to block tariffs imposed by President Trump, which had previously hindered global trade and financial markets. The ruling reversed a five-day decline in key Chinese stock indexes.
The Shanghai Composite rose by 0.7% to 3,363.45 points, marking its first increase since May 21. Similarly, the blue-chip CSI300 index increased 0.59%. Meanwhile, Hong Kong's Hang Seng index climbed 1.35%. Although stocks surged, concerns remained regarding ongoing trade tensions between the U.S. and China.
Frances Cheng from OCBC Bank highlighted the positive impact of this ruling on risk sentiment, yet noted the fluid nature of tariffs and trade relations. Headwinds persist as the U.S. considers more restrictions, such as requiring licenses for semiconductor design software sales to China.
(With inputs from agencies.)
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