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Chinese Equities Surge More Than 3% After Trump Delays Tariff Deadline

Stock MarketsFeb 24, 2019 10:35PM ET
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Investing.com - Chinese equities jumped more than 3% in morning trade on Monday after U.S. President Donald Trump announced that he would delay additional tariffs on Chinese goods, citing “substantial progress” in bilateral talks.

The Shanghai Composite and the Shenzhen Component traded 3.3% and 4.3% higher by 10:15 PM ET (03:15 GMT).

Hong Kong’s Hang Seng Index edged up 0.2%. Shares of Chinese network equipment firm ZTE Corp (HK:0763) jumped 8%, after leaping as much as 14% earlier.

Trump said on Twitter on Sunday that he will be delaying U.S. tariff hike on China that was initially scheduled to start on March 1.“I am pleased to report that the U.S. has made substantial progress in our trade talks with China on important structural issues including intellectual property protection, technology transfer, agriculture, services, currency, and many other issues,” said the President.

“I will be delaying the U.S. increase in tariffs now scheduled for March 1. Assuming both sides make additional progress, we will be planning a Summit for President Xi and myself, at Mar-a-Lago, to conclude an agreement,” he added.

His comments came after China and the U.S. concluded the latest series of trade meetings in Washington over the weekend.

Despite the positive tweet by Trump, Bloomberg said the two sides have not yet agreed on certain details of the enforcement in a currency deal.

Citing four people familiar with the matter, the report said the U.S. is hoping to ensure Beijing will live up to its promise to not depreciate the yuan, which fell over 5% in 2018.

Trump has previously accused China of deliberately devaluing its currency to gain a competitive advantage.

Elsewhere in Asia, Japan’s Nikkei 225 gained 0.4%.

South Korea’s KOSPI was little changed at 2,229.98 ahead of a second meeting between Trump and North Korean leader Kim Jong Un.

“Chairman Kim realizes, perhaps better than anyone else, that without nuclear weapons, his country could fast become one of the great economic powers anywhere in the World,” Trump said on Twitter over the weekend as he prepared to depart to Vietnam for the meeting.

Down under, Australia’s ASX 200 slipped 0.1%.

Chinese Equities Surge More Than 3% After Trump Delays Tariff Deadline
 

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