China stocks end lower on Sino-U.S. tensions

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China stocks fell on Monday, dragged down by financials, due to worries over heightened Sino-U.S. tensions, although upbeat trade data narrowed losses.

China stocks end lower on Sino-U.S. tensions

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** The blue-chip CSI300 index fell 0.9%, to 5,022.24, while the Shanghai Composite Index declined 0.8% to 3,416.60.

** The tech-heavy start-up board ChiNext slipped 0.2%, while STAR50 index added 0.1%.

** Falling the most, the CSI300 banks index dropped 2.2%, while the CSI300 financials index slid 2%.

** The United States is preparing to impose sanctions on at least a dozen Chinese officials over their alleged role in Beijing’s disqualification of elected opposition legislators in Hong Kong, according to three sources, including a U.S. official, familiar with the matter.

** The news came after the United States on Thursday added China’s top chipmaker, SMIC, and oil giant CNOOC to a blacklist of alleged Chinese military companies.

** China’s senior diplomat Wang Yi said on Monday he hoped and believed that U.S. policy on China could eventually “return to objectivity and rationality”.

** Losses were contained after customs data showed that China’s exports in November rose 21.1% from a year earlier, after 11.4% growth in October, while imports grew 4.5% last month from a 4.7% expansion in October.

** A brisk factory recovery in China from coronavirus shutdowns earlier this year has far outpaced reopenings seen in major trading partners, many of which are still struggling with outbreaks.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.83%, while Japan’s Nikkei index closed down 0.76%.

** At 07:08 GMT, the yuan was quoted at 6.5411 per U.S. dollar, 0.17% weaker than the previous close of 6.53.

** As of 07:09 GMT, China’s A-shares were trading at a premium of 45.21% over Hong Kong-listed H-shares.

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Source : Reuters | Photocredit : Google

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