Chinese Stock Market Stumbles Amid Tariff Turmoil
Chinese stocks fell on Friday primarily due to weakened Apple suppliers and ongoing price war concerns in the auto sector. The blue-chip CSI300 and Shanghai Composite indices further declined, influenced by the U.S. court's tariff decision. Despite this, the CSI Banks Index saw a positive rise.
On Friday, Chinese stocks faced significant declines as the market reacted to a U.S. court's decision to reinstate tariffs, putting pressure on Apple suppliers. This development, compounded by ongoing concerns over a price war in the auto sector, led to a notable drop in major indices.
The CSI300 and Shanghai Composite indices witnessed downturns, with the latter plunging 3% to 3,353.07 points. Hong Kong's market mirrored this pessimism as the Hang Seng China Enterprises Index fell 1.7%, and the Hang Seng Index dropped 1.5%, marking an end to its six-week winning streak.
Apple suppliers experienced notable declines after an appeals court upheld tariffs, reversing a previous trade court ruling. Meanwhile, buoying some sections of the market, the CSI Banks Index rose by 1%, spurred by reports of new financial policies set to be announced by the People's Bank of China next month.
(With inputs from agencies.)
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