China Stocks Fall Amid Anticipation of Trump-Xi Summit; Rare Earths Slide
Chinese stocks declined Tuesday as investors await with bated breath the outcome of the talks between Presidents Donald Trump and Xi Jinping.The Shanghai Composite Index, the main gauge of Chinese stocks, lost 0.3% or 10.53 points to reach 4,214.49. The Shenzhen Component Index fell 0.5% or by 74.38 points to 15,824.92.China and the U.S. should take a long-term view to ensure continuing trade and economic relations between the two countries, an editorial by the Communist Party's People's Daily newspaper said."Economic and trade relations continue to serve as the 'ballast' and 'propeller' of China-US relations," the editorial said.Meanwhile, the CSI Rare Earth Industry Index slid 3% during the closing bell, leading onshore declines. China Northern Rare Earth (Group) High-Tech (SHA:600111) plunged 6% while China Rare Earth Resources and Technology (SHE:000831) closed 4% lower.Ningbo Hicon Industry Technology (SHE:001237) priced its initial public offering at 53.26 yuan per sahre, while Jiadeli Electronics Material (SHA:603435) priced its offering at 15.76 yuan apiece.
