Market Updates
China Indexes Trimmed Weekly Gains Amid Low Expectations On US Trade Talks
Li Chen
09 May, 2025
Hong Kong
Stocks in China and Hong Kong headed lower on Friday and extended weekly gains ahead of US-China trade talks.
The Hang Seng index inched down a fraction, and the CSI 300 index declined 0.2%, and investors booked profit, halting a six-day rally.
Chinese Vice-Premier He Lifeng and U.S. Secretary Scot Bessent are scheduled to start trade talks in Switzerland this weekend.
Despite the Trump administration's repeated denials, the U.S. requested China to hold talks and de-escalate self-imposed sky-high tariffs on imports from China.
The U.S. president announced a "trade deal" with the U.K., but the announcement lacked details and specific levels of duties on goods and services.
Investors largely ignored the vague deal with the UK, and talks with China are likely to yield few results, just as talks with Japan ended inconclusively after two rounds of talks.
Over the week, the Hang Seng index gained 2.7%, and the CSI 300 advanced 1.8% after the People's Bank of China and the China Securities Regulatory Commission announced measures to shore up consumer confidence and stabilize financial markets.
China Indexes and Stocks
The Hang Seng index edged down to 22,775.72, and the CSI index decreased 0.2% to 3,843.98.
Alibaba Group Holding increased 1.2% to HK $122.90, Tencent Holdings decreased 0.6% to $495.0, and Baidu Inc. declined 1% to HK $84.10.
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