Trade Truce Talks Fail to Lift China-Hong Kong Markets from Tech Decline
Stocks in China and Hong Kong fell due to tech sector declines, despite recent Sino-U.S. trade talks offering potential relief. The CSI 300 and Hang Seng indices dropped, with tech shares suffering most. A tentative trade agreement was reached, yet key issues remain unresolved, causing market uncertainty.
Chinese and Hong Kong markets experienced a downturn on Thursday, primarily driven by losses in the tech sector. Investors were left disappointed as the recent Sino-U.S. trade discussions failed to deliver definitive resolutions, despite the building expectations.
The CSI 300 Index in China slightly declined, losing 0.1% after fluctuating throughout the session. Meanwhile, Hong Kong's Hang Seng Index performed worse, slipping 1.4% from its previous highs. Key tech stocks, including Semiconductor Manufacturing International Corp, Alibaba, and Xpeng, were among the major contributors to the setback.
A provisional trade truce hinted at easing tensions, with the U.S. and China planning to lift some export curbs. However, the absence of detailed agreements kept investors wary. As tariffs on Chinese imports remain, market players are pivoting to China's economic fundamentals, striving to boost industrial confidence amid ongoing deflationary pressures.
(With inputs from agencies.)
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