Hong Kong Stocks Rebound as Biden’s Exit from US Presidential Race Fuels Trump Trades

South China Morning Post07-22

Investors expect more trade tensions and higher inflation in the event of a Trump presidency amid growing concerns about higher tariffs on Chinese importsHong Kong stocks rebounded as investors ...

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KWKan
07-22
KWKan
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The benchmark slumped 4.8 per cent last week for the biggest decline for the five-day period in almost two months. The Hang Seng Tech Index gained 1.28 per cent.</p><p>Other major markets in the region all headed south as investors anticipated more trade barriers and higher inflation in the event of a Trump presidency. Japan’s Nikkei 225 slipped 0.9 per cent, while South Korea’s retreated 1.1 per cent and Australia’s S&amp;P/ASX 200 lost 0.7 per cent.</p><p>President Biden dropped out of US presidential race on Sunday, and endorsed Vice-President Kamala Harris to take his place as the Democratic nominee, succumbing to the pressures from Democrats after his poor performance at a TV debate. Public polls showed that former President Trump remains the favourite to win the November election after he survived an assassination attempt earlier this month.</p><p>Trump, who in an earlier term waged a trade war against China in 2018, favours a stronger dollar, tax cuts and trade protectionism and has said that he would raise the tariffs on all Chinese exports if re-elected. This has put investors on edge, stoking concerns of higher inflation and intensified geopolitical tensions.</p><p>Meanwhile, the People’s Bank of China on Monday cut both the policy interest rate and the loan prime rate, in a move to revive growth after a high-stakes Communist Party’s third plenum.</p><p>“The rate cut was in line with consensus, though the timing was a bit surprising,” said OCBC analysts in a note this morning. “Renewed hope for more monetary policy support has heightened following the third plenum, which emphasised economic reform as a main focus of further comprehensive reforms.”</p><p>Among the key decliners on the Hang Seng Index, Sunny Optical Technology slid 5.7 per cent to HK$45.50 and Haidilao International Holding slumped 2.13 per cent to HK$12.86.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/e7bea6c11fd5d91339670912d029a8fa\" tg-width=\"303\" tg-height=\"753\"/></p><p>Elsewhere, Hebei Keli Automobile Equipment, a maker of automobile glass, jumped 132 per cent from its initial public offering price to 69.72 yuan on the first day of trading in Shenzhen.</p></body></html>","source":"lsy1600132093512","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHong Kong Stocks Rebound as Biden’s Exit from US Presidential Race Fuels Trump Trades\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-07-22 10:58 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.scmp.com/business/china-business/article/3271341/hong-kong-stocks-extend-falls-bidens-exit-us-presidential-race-fuels-trump-trades?module=top_story&pgtype=subsection><strong>South China Morning Post</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Investors expect more trade tensions and higher inflation in the event of a Trump presidency amid growing concerns about higher tariffs on Chinese importsHong Kong stocks rebounded as investors ...</p>\n\n<a href=\"https://www.scmp.com/business/china-business/article/3271341/hong-kong-stocks-extend-falls-bidens-exit-us-presidential-race-fuels-trump-trades?module=top_story&pgtype=subsection\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"06862":"海底捞","HSI":"恒生指数","00700":"腾讯控股","02382":"舜宇光学科技","09988":"阿里巴巴-W"},"source_url":"https://www.scmp.com/business/china-business/article/3271341/hong-kong-stocks-extend-falls-bidens-exit-us-presidential-race-fuels-trump-trades?module=top_story&pgtype=subsection","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190282489","content_text":"Investors expect more trade tensions and higher inflation in the event of a Trump presidency amid growing concerns about higher tariffs on Chinese importsHong Kong stocks rebounded as investors weighed the rising odds of a second presidential term for former US President Donald Trump, while taking in their stride a key rate cut by China’s central bank.The Hang Seng Index rose 0.58 per cent to 17,519.12 as of 10.55am local time. The benchmark slumped 4.8 per cent last week for the biggest decline for the five-day period in almost two months. The Hang Seng Tech Index gained 1.28 per cent.Other major markets in the region all headed south as investors anticipated more trade barriers and higher inflation in the event of a Trump presidency. Japan’s Nikkei 225 slipped 0.9 per cent, while South Korea’s retreated 1.1 per cent and Australia’s S&P/ASX 200 lost 0.7 per cent.President Biden dropped out of US presidential race on Sunday, and endorsed Vice-President Kamala Harris to take his place as the Democratic nominee, succumbing to the pressures from Democrats after his poor performance at a TV debate. Public polls showed that former President Trump remains the favourite to win the November election after he survived an assassination attempt earlier this month.Trump, who in an earlier term waged a trade war against China in 2018, favours a stronger dollar, tax cuts and trade protectionism and has said that he would raise the tariffs on all Chinese exports if re-elected. This has put investors on edge, stoking concerns of higher inflation and intensified geopolitical tensions.Meanwhile, the People’s Bank of China on Monday cut both the policy interest rate and the loan prime rate, in a move to revive growth after a high-stakes Communist Party’s third plenum.“The rate cut was in line with consensus, though the timing was a bit surprising,” said OCBC analysts in a note this morning. “Renewed hope for more monetary policy support has heightened following the third plenum, which emphasised economic reform as a main focus of further comprehensive reforms.”Among the key decliners on the Hang Seng Index, Sunny Optical Technology slid 5.7 per cent to HK$45.50 and Haidilao International Holding slumped 2.13 per cent to HK$12.86.Elsewhere, Hebei Keli Automobile Equipment, a maker of automobile glass, jumped 132 per cent from its initial public offering price to 69.72 yuan on the first day of trading in Shenzhen.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":4,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1190282489"}