Asia
China Stocks Fall as Investors Await Outcome of Trump-Xi Summit
Chinese stocks slid Thursday as investors await more developments from the meeting between Presidents Xi Jinping and Donald Trump in Beijing.The Shanghai Composite Index, the main gauge of Chinese stocks, lost 1.5%, or 64.65 points, to 4,177.92. The Shenzhen Component Index declined 2.1% or by 344.01 points to 15,745.74.While Trump was singing the praises of his Chinese counterpart, Xi was more stern, even cautioning Trump of his handling of Taiwan relations, the Associated Press reported Thursday.Xi said Washington should handle the Taiwan question with more care, or it could lead to "conflicts" that would put "the entire relationship in great jeopardy," Xinhua News Agency reported.During welcome remarks earlier, Xi called on Trump to "build a brighter future" together, as the two countries are "partners, not rivals," and said the meeting should open a new chapter in their bilateral relations.While the meeting is ongoing, investors largely forecast both leaders to keep trade tensions in the backseat to focus on artificial intelligence, Reuters reported."Investors aren't positioned for a positive surprise - meaning even a modest outcome could boost sentiment," the newswire quoted Syfe Group Head of Investments and Advisory Ritesh Ganeriwal.The renminbi edged up to a three-year high on Thursday after the People's Bank of China set the midpoint at 6.8401 yuan per dollar, the strongest since March 24, 2023, Reuters said."Beijing is adopting a wait-and-see mode, given the 'better than expected' first-quarter (economic) growth ... Beijing's focus for the summit is not on deliverables but on optics, aiming to project stability and predictability to both international and domestic audiences," Retuers quoted Macquarie (ASX:MQG) Chief China Economist Larry Hu as saying.In corporate news, BeOne Medicines (SHA:688235) plunged 4% during market close in Shanghai after the U.S. Food and Drug Administration granted accelerated approval to Beqalzi to treat a type of rare blood cancer.
Shanghai Composite^SZSEASX:MQGSHA:688235