China stocks on track for best day in a month ahead of Trump-Xi meeting; Hong Kong rises
SHANGHAI: China stock benchmarks are on track to log their best day in a month on Friday, while Hong Kong shares also gained, as traders expect trade tensions to ease after next week’s meeting between US and Chinese presidents. China’s large-cap CSI300 Index and the Shanghai Composite Index were up about 1% by the lunch break, on track for their biggest one-day gain since mid-August. In Hong…
SHANGHAI and Hong Kong saw their stock markets soar on Friday, as traders anticipated a potential easing of trade tensions following the upcoming meeting between US President Donald Trump and Chinese President Xi Jinping. The China’s large-cap CSI300 Index and the Shanghai Composite Index both rose by around 1%, on track for their biggest daily gain since mid-August.
Similarly, Hong Kong’s Hang Seng Index climbed by 0.7%. The two leaders are set to meet in Washington next week, aiming to strengthen their strained relationship. US Trade Representative Jamie L. Jungers said that the two nations will announce progress on agriculture and non-tariff barriers during their talks. Analysts are closely watching for a mutual tariff reduction covering $30 billion in goods.
With the US Federal Reserve's recent rate hikes behind them, external risks have diminished, according to Great Wall Securities. Traders are advised to consider investments in China's AI and chipmaking sectors, while Goldman Sachs highlighted several positive indicators in the Chinese economy, despite weak domestic demand. Gains in China's semiconductor and AI stocks were prominent in both Shanghai and Hong Kong markets, while energy and consumer shares declined, as investors shifted towards "new economy" stocks.
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