HK-listed Chinese stocks up even as China, US tariffs roll
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작성자 Willa 댓글 0건 조회 8회 작성일 25-03-02 12:12본문
By Jiaxing Li
Hong Kong, Feb 4 (Reuters) - Chinese stocks listed in Hong Kong surged on Tuesday as investors loaded up on artificial intelligence and electric vehicle shares while shrugging off news of tit-for-tat Sino-U.S. tariffs on each others' goods.
China's finance ministry announced a
package of tariffs
on a range of U.S. products in an immediate response to a 10% new
tariff
on Chinese imports announced by U.S. President Donald Trump that went into effect at 0501 GMT.
Investors had been hoping Trump would retract the proposal to raise tariffs on China at the last minute, just as he did with Canada and Mexico on Monday.
But as the deadline passed and U.S. tariffs came into force, China announced its own levies of 15% for U.S. coal and LNG and 10% for crude oil, farm equipment and some autos. The new tariffs on U.S. exports will start on Feb. 10, China's finance ministry said.
Trump's press secretary said the president will speak with Chinese President Xi Jinping in the next couple of days.
"China is trying to get some bargaining power before getting close to the negotiating table. It doesn't mean that they will not go for negotiation talks," said Steven Leung, who handles institutional trading at stockbroker UOB-Kay Hian in Hong Kong.
Leung said the market will be relieved once the two sides agreed on a time for the trade talks, but that will take time.
China's initial proposal to tariffs imposed by U.S. President Donald Trump's administration will centre on restoring the "Phase 1" trade deal signed in 2020 during Trump's first term, the Wall Street Journal reported on Monday, citing sources.
"There will still be a lot of all these uncertainty and noises over the next few days," Leung said, and that investors should prepare for short-lived selloffs.
The Hang Seng China Enterprises Index was last up 2.2%, off the three-month high it hit earlier in the day, while Hang Seng Tech Index surged 3.6%. The benchmark Hang Seng index added 2%.
AI-related stocks led the rally as investors continued to pile up wagers on home-grown firms after startup DeepSeek released a large language model at a cheap cost.
China's top chipmaker SMIC was also trading near the record high it hit early in the day, and peer Hua Hong Semiconductor Syair HK Hari ini advanced 8.7%.
The EV sector also lifted the market, with carmaker XPeng jumping 12.6% after the company said it delivered a nearly three-fold increase in smart EVs in January year-on-year.
Financial markets in mainland China will reopen on Wednesday after the long Lunar New Year holiday. China's benchmark blue-chip index fell 3% in January before the holiday, surrendering nearly half of September's 40% rally.
The markets may look through the political noise to focus on China's responses to U.S. tariffs and the upcoming National People's Congress (NPC) meeting in the next few weeks, analysts at Citi said in a note.
Capital Economics said the additional 10% tariff that Donald Trump has applied on Chinese goods will have a relatively modest impact on China's economy, especially if the PBOC allows the yuan to adjust, but predicted the trade war with the U.S. will be protracted. (Reporting by Jiaxing Li and Tom Westbrook; Editing by Kim Coghill and Saad Sayeed)
Hong Kong, Feb 4 (Reuters) - Chinese stocks listed in Hong Kong surged on Tuesday as investors loaded up on artificial intelligence and electric vehicle shares while shrugging off news of tit-for-tat Sino-U.S. tariffs on each others' goods.
China's finance ministry announced a
package of tariffs
on a range of U.S. products in an immediate response to a 10% new
tariff
on Chinese imports announced by U.S. President Donald Trump that went into effect at 0501 GMT.
Investors had been hoping Trump would retract the proposal to raise tariffs on China at the last minute, just as he did with Canada and Mexico on Monday.
But as the deadline passed and U.S. tariffs came into force, China announced its own levies of 15% for U.S. coal and LNG and 10% for crude oil, farm equipment and some autos. The new tariffs on U.S. exports will start on Feb. 10, China's finance ministry said.
Trump's press secretary said the president will speak with Chinese President Xi Jinping in the next couple of days.
"China is trying to get some bargaining power before getting close to the negotiating table. It doesn't mean that they will not go for negotiation talks," said Steven Leung, who handles institutional trading at stockbroker UOB-Kay Hian in Hong Kong.
Leung said the market will be relieved once the two sides agreed on a time for the trade talks, but that will take time.
China's initial proposal to tariffs imposed by U.S. President Donald Trump's administration will centre on restoring the "Phase 1" trade deal signed in 2020 during Trump's first term, the Wall Street Journal reported on Monday, citing sources.
"There will still be a lot of all these uncertainty and noises over the next few days," Leung said, and that investors should prepare for short-lived selloffs.
The Hang Seng China Enterprises Index was last up 2.2%, off the three-month high it hit earlier in the day, while Hang Seng Tech Index surged 3.6%. The benchmark Hang Seng index added 2%.
AI-related stocks led the rally as investors continued to pile up wagers on home-grown firms after startup DeepSeek released a large language model at a cheap cost.
China's top chipmaker SMIC was also trading near the record high it hit early in the day, and peer Hua Hong Semiconductor Syair HK Hari ini advanced 8.7%.
The EV sector also lifted the market, with carmaker XPeng jumping 12.6% after the company said it delivered a nearly three-fold increase in smart EVs in January year-on-year.
Financial markets in mainland China will reopen on Wednesday after the long Lunar New Year holiday. China's benchmark blue-chip index fell 3% in January before the holiday, surrendering nearly half of September's 40% rally.
The markets may look through the political noise to focus on China's responses to U.S. tariffs and the upcoming National People's Congress (NPC) meeting in the next few weeks, analysts at Citi said in a note.
Capital Economics said the additional 10% tariff that Donald Trump has applied on Chinese goods will have a relatively modest impact on China's economy, especially if the PBOC allows the yuan to adjust, but predicted the trade war with the U.S. will be protracted. (Reporting by Jiaxing Li and Tom Westbrook; Editing by Kim Coghill and Saad Sayeed)
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