BUZZ-China ADRs tick higher, but pare gains after Trump disputes report on tariffs

Reuters01-06 22:52
BUZZ-China ADRs tick higher, but pare gains after Trump disputes report on tariffs

** U.S.-listed shares of Chinese companies rise after report that President-elect Donald Trump's aides are considering less aggressive tariffs than previous threatened

** However, stocks pare some premarket gains after Trump says Washington Post story is incorrect in post on Truth Social

** Aides are exploring tariff plans that would be applied to every country but only cover certain sectors deemed critical to national or economic security, Washington Post reports

** Trump had threatened to impose a 60% tariff on Chinese goods, in addition to tariffs of 10% on other global imports into the U.S.

** E-commerce firms Alibaba Group Holding BABA.N and JD.com Inc JD.O rise 1% and 0.8%, and PDD Holdings PDD.O up 5.1%

** EV firms Nio Inc NIO.N and Xpeng Inc XPEV.N gain 4.4% and 2.3%, solar firm Jinkosolar JKS.N 4.3%

** China ETFs IShares MSCI China ETF MCHI.O and KraneShares CSI China Internet ETF KWEB.K edge up 0.4% and 0.5%, respectively

** Chinese markets have been hit hard since Trump's election as worries increase about how possible U.S. tariffs could impact already sluggish economic growth

** China was the primary focus of a trade war that roiled markets during Trump's first term as U.S. president

(Reporting by Lisa Mattackal in Bengaluru)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment