Stocks Blog: China stocks hit six-week high amid hopes of trade deal
- Talks between Chinese Vice-Premier Liu He and US officials, including Robert Lighthizer, the country’s top negotiator, and Treasury Secretary Steven Mnuchin, will resume on Friday morning EDT
- Trump says a trade deal with China may still happen after Xi sent him a ‘beautiful letter’
China and Hong Kong stocks have brushed aside an increase in tariffs on Chinese imports worth US$200 billion by the US from 10 per cent to 25 per cent, on expectations a deal will be reached between Washington and Beijing.
Talks between Chinese Vice-Premier Liu He, who is in Washington for two days of talks, and US officials, including Robert Lighthizer, the country’s top negotiator, and Treasury Secretary Steven Mnuchin, will resume on Friday morning EDT.
On Thursday, US President Donald Trump said a deal was still possible, even as he reiterated plans to raise tariffs.
In the week since he announced the tariff increase, the S&P 500 has dropped every day. And of course, China, the world’s second-largest economy, has some market weapons it can deploy should this trade conflict escalate further. The trade war has already cost companies in both countries billions of dollars.
Follow us, Zhang Shidong in Shanghai and Azar Zaidi in Hong Kong, as we follow the day’s developments in the mainland Chinese and Hong Kong stock markets.