Chinese Shares Rise Following Suspension of Export Curbs; Zhejiang Taotao Vehicles Down 6%

MT Newswires Live11-03

Chinese shares rose on Monday as the country agreed to suspend its rare earth curbs to Europe and the U.S.

The Shanghai Composite Index, the main gauge of Chinese stocks, rose 0.6% to 3,976.52. The Shenzhen Component Index edged up 0.2% to 13,404.06.

China suspended its rare earth export controls to Europe amid talks aimed at smoothing trade tensions between the Asian country and the European Union.

Also, China agreed to suspend the implementation of the rare earth export curbs to the U.S. as part of a deal between presidents Xi Jinping and Donald Trump. The trade deal was reached when the two met in South Korea last week.

On the economic front, the expansion of China's manufacturing sector slowed in October as export orders fell. The RatingDog China General Manufacturing Purchasing Managers' Index declined to 50.6 last month from 51.2 in September.

In company news, Zhejiang Taotao Vehicles (SHE:301345) submitted documents for a share offering on the Hong Kong Stock Exchange. Shares of the low-speed electric vehicle manufacturer closed 6% lower Monday.

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