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HONG KONG: Chinese stocks fell slightly on Tuesday after US President Donald Trump seemed to wipe out the prospect of a trade truce with Beijing, while investors remained on the sidelines of slowing global growth.
The Shanghai Composite Index stagnated at 2,574.68 points, while the CSI300 leading index closed down 0.1% after rising earlier in the session.
Small losses have been reported in all areas. The financial sector sub-index of CSI300 closed down 0.3%, the consumer staples sector down 0.5% and the real estate index down 0.8%.
The sentiments were stifled when the White House appeared hawkish before the scheduled debate between US President Donald Trump and Chinese President Xi Jinping at the G20 summit this week.
In an interview with the Wall Street Journal, Trump said he hoped to move forward by increasing tariffs on Chinese imports by $ 200 billion, from 10 percent currently to 25 percent. .
Trump said it was "very unlikely" that he accepts China's request to delay the increase, scheduled for Jan. 1.
Current trade tensions appear to have an impact on China's trade patterns. Brazil's soybean imports from Brazil doubled in October, according to figures released Monday.
Chinese imports of soybeans from Russia also increased 60% year-on-year. Most investors are cautious about the optimism sparked by the G20 summit, said Zhang Qi, an analyst at Haitong Securities. "The volume has dropped a lot," he said.
About 12.4 billion shares were traded on the Shanghai Stock Exchange. The volume of the previous trading session was 13.4 billion shares and 19.1 billion in the previous session.
The smallest index in Shenzhen ended up 0.4% and the ChiNext Composite index of the new company rose 0.8%.
Concerns about economic growth continued to hover in the market. Earnings growth in China's industrial enterprises slowed for a sixth consecutive month in October, as factory prices and the pace of sales slowed, according to official data released on Tuesday.
Investors, however, are paying less attention to this data because "there were allusions" to slower growth in China before it was released, Zhang said. Instead, the market will follow the speeches of the Fed chairman and his deputy this week, according to Linus Yip, chief strategist at First Shanghai Securities in Hong Kong.
"People will want to know if the Fed will slow down its rate hike plans," given that tightening in the US is the main source of pressure on emerging markets, including China, did it? he declares.
The Guangxi Guidong Electric Power Co., Ltd., which closed up 10.1%, comes at the top of the ranking, followed by ARTS Group Co Ltd, which finished 10% firmer, and Eastern Communications Co Ltd, which closed up 10%.
The largest percentage losses of the Shanghai index were Chongqing Fuling Electric Co Ltd., which closed down 5.1%, followed by Shandong Tyan Home Co Ltd., which lost 5%, and Beihai Gofar Marine Biological Industry Co, which closed 4.9%. . – Reuters
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