Chinese Stocks Slide Amid Tariff Turbulence and Auto Price War
Chinese stocks faced a downturn as Apple suppliers weakened due to the reinstatement of tariffs by a U.S. court. The CSI 300 index and other major indexes dropped significantly. Concerns over an auto price war further impacted investor sentiment. The markets will be closed for the Dragon Boat holiday.
On Friday, Chinese stocks experienced a decline with Apple's suppliers taking a hit after a federal court reinstated tariffs imposed by former President Donald Trump. This court decision follows a trade court's previous blockage, raising questions about presidential authority.
The blue-chip CSI 300 index shed 0.5%, marking its second consecutive week of losses. Hong Kong's Hang Seng Index fell by 1.2%, ending a six-week winning streak, while tech companies like Foxconn and BYD Electronics suffered significant declines.
Investor sentiment continued to weaken under pressurized trade conditions and lack of immediate stimulus measures. Meanwhile, auto shares further dipped due to ongoing price war concerns. As China prepares to observe the Dragon Boat holiday, trading is set to pause until early next week.
(With inputs from agencies.)
Google News