Hong Kong stocks gained on Monday as Trump may unveil narrower April tariffs package than threatened.
The Hang Seng Index rose 0.9%, while The Hang Seng Tech Index gained 1.7%.
Among star stocks, Xiaomi and Li Auto rose 4%; XPeng, NetEase, BYD, and SMIC rose 3%; Baidu, JD.com, and Alibaba rose 2%; Tencent rose 0.3%; While NIO fell 3%; Meituan fell 1%.
President Donald Trump’s coming wave of tariffs is poised to be more targeted than the barrage he has occasionally threatened, aides and allies say, a potential relief for markets gripped by anxiety about an all-out tariff war, Bloomberg reported.
Trump is preparing a “Liberation Day” tariff announcement on April 2, unveiling so-called reciprocal tariffs he sees as retribution for tariffs and other barriers from other countries, including longtime US allies. While the announcement would remain a very significant expansion of US tariffs, it’s shaping up as more focused than the sprawling, fully global effort Trump has otherwise mused about, officials familiar with the matter say.
Trump will announce widespread reciprocal tariffs on nations or blocs but is set to exclude some, and — as of now — the administration is not planning separate, sectoral-specific tariffs to be unveiled at the same event, as Trump had once teased, officials said.
China, meanwhile, is prepared to deal with any situation, according to Premier Li Qiang.
“We have preparations for possible unexpected shocks, which of course mainly come from external sources,” Li said in his address to the China Development Forum on Sunday. “Where necessary, the Chinese government will also introduce new policies to ensure the smooth operation of the Chinese economy.”
China's largest food delivery firm Meituan posted fourth-quarter revenue on Friday that was largely in line with estimates, amid sluggish Chinese consumption.
Meituan's revenue reached 88.5 billion yuan ($12.21 billion) in the three months ended December, just above analysts' estimates of 87.7 billion yuan, according to LSEG data.
Nio Inc. flagged first-quarter results likely to disappoint market watchers after finishing 2024 on a weak note.
The Chinese electric-vehicle maker now expects to deliver only as many as 43,000 cars in the three months that will end March 31 and report revenue of about 12.9 billion yuan ($1.8 billion), the company said Friday. That’s short of the roughly 65,000 units and 17.8 billion yuan the market was looking for.
Xiaomi Unveils MIJIA Smart Audio Glasses 2: Lightweight, Recordable, and Car Controllable. The glass will be launched on Xiaomi Mall and Xiaomi Youpin on March 26th with a crowdfunding price of 999 yuan.
Comments