China Stocks Stumble Amid Eased Trade Tensions
Chinese stocks experienced a decline after a brief upturn, influenced by economic data and changing U.S.-China trade relations. The CSI300 and Shanghai Composite Indexes decreased, while Hong Kong's Hang Seng also saw losses. Industry-specific reactions varied, with AI and defense shares falling and maritime stocks rising.
China's stock markets saw a downturn following a three-day upward trend, as investors evaluated recent economic data and the impact of easing trade tensions with the United States. Hong Kong's markets similarly experienced slight declines.
The blue-chip CSI300 Index dropped 0.6% by midday, with the Shanghai Composite Index falling by 0.4%. Hong Kong's Hang Seng Index decreased by 0.3%. April saw a larger-than-expected decline in new bank loans, attributed to a prolonged U.S.-China trade war affecting market interest.
Notably, China ceased some non-tariff measures against 17 U.S. companies. Meanwhile, maritime stocks surged amid declining trade tensions, unlike AI and defense shares, which fell. Investors await Alibaba's earnings report following Tencent's mixed performance.
(With inputs from agencies.)
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