Chinese stocks rose across the board on Tuesday despite Donald Trump downplaying expectations for upcoming US-China trade talks.
The CSI 300 index of major Shanghai and Shenzhen-listed stocks was 1.9 per cent higher, led by gains from the consumer, healthcare and industrial segments. In Hong Kong, the Hang Seng China Enterprises index of large-cap Chinese companies was up 1 per cent.
Hong Kong’s broader Hang Seng index was up 0.5 per cent, pushed higher by a 10 per cent gain for CSPC Pharmaceutical Group and a strong showing from consumer stocks.
South Korean and Taiwanese stocks were also higher, with the Kopsi Composite in Seoul adding 0.9 per cent and the FTSE TW50 in Taipei up 0.5 per cent.
In Sydney, however, the S&P/ASX 200 slipped 1 per cent with only the industrial segment rising, while Tokyo’s Topix was down 0.3 per cent.
Markets had started the week on firm footing amid optimism over trade negotiations between officials from China and the US in Washington later this week.
However, Donald Trump said in an interview with Reuters published late on Monday that he did not “anticipate much” from the talks and that he had “no time frame” for ending the trade dispute with China, which has already seen both sides pledge to impose new tariffs on $50bn of imports from the other country.
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