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China Stocks Rally on Resumption of U.S. Trade Talks

By Yang Ge / Jul 01, 2019 09:46 AM / Finance

China stocks opened with a modest rally on Monday, after Chinese President Xi Jinping and his U.S. counterpart Donald Trump agreed over the weekend to restart stalled talks to reach a trade deal.

The Shanghai composite index opened up 1.54%, while the more tech-heavy Shenzhen index opened up 2.25%. The more enterprise-focused ChiNext opened up 2.22%. Hong Kong’s stock market was closed on Monday for a public holiday.

In addition to agreeing to restart trade talks, Trump also agreed at a G-20 meeting over the weekend not to impose new tariffs on Chinese goods, helping to ease tensions in the year-old trade war between the world’s two largest economies. The U.S. also agreed to ease a ban that had barred Chinese telecom equipment giant Huawei from buying American components, boosting sentiment toward technology stocks.

Related: Trump Says America to Resume Sales to Huawei
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