Market Updates
China Indexes Trim Weekly Gains After Trump-Xi Call Fails to Resolve Trade Tensions
Li Chen
06 Jun, 2025
Hong Kong
Stocks in China and Hong Kong declined on Friday's trading and trimmed weekly gains amid a lack of progress in trade talks.
The Hang Seng index declined 0.2%, and the mainland CSI 300 index decreased 0.1% after talks between leaders of China and the U.S. failed to break the impasse.
The leaders of China and the U.S. agreed to ease certain restrictions but failed to agree on a framework to settle on the level and scope of import taxes.
China's premier Xi Jinping agreed to roll back restrictions on rare earth mineral exports, and the U.S. president agreed to relax the recently placed ban on student visas.
For the week, the Hang Seng index advanced 3.4%, and the mainland-China-focused CSI 300 index added 0.6%.
China Indexes and Stocks
The Hang Seng index decreased 0.2% to 23,857.09, and the mainland-focused CSI 300 index fell 0.1% to 3,873.06.
Electric vehicle component makers dropped sharply following a 15% decline in Tesla in overnight trading in New York.
Tesla stock fell sharply after the feud between the company's chief executive, Elon Musk, and the U.S. president spilled out in public.
Donald Trump threatened to eliminate $18 billion in subsidies to various businesses controlled by Tesla, and Musk lashed out at the recent budgetary proposal approved by the U.S. House of Representatives.
CATL, which sells about 13% of its battery products to Tesla, decreased 1% to HK $306.0.
Shenzhen Everwin Precision Technology Company dropped 1.9% to 20.83 yen in Shenzhen trading after the supplier of electronic components fell amid a decline in Tesla stock in New York.
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