China Stocks Jump on Potential 2nd US-Iran Talks
China's shares climbed amid hopes that the tensions between the U.S. and Iran will cool down after President Donald Trump threatened to blockade the Strait of Hormuz.The Shanghai Composite Index added 1%, or 38.07 points, to close Tuesday's trade at 4,026.63, while the Shenzhen Component Index jumped 1.6%, or 232.09 points to 14,639.95.Sentiment was uplifted amid reports that the U.S. and Iran are still communication, with the possibility of a second in-person meeting, despite failed negotiations in Pakistan. Trump said Tehran wants "to work a deal" with the U.S. amid the effectivity of the blockade.In corporate news, Sinomach Precision Industry (SHE:002046) jumped 5.8% amid its forecast that it would swing to an attributable loss of between 8 million yuan and 12 million yuan in the first quarter.Henan Shenhuo Coal & Power (SHE:000933) climbed 4.4% after its net profit attributable to shareholders in the first quarter soared 223% year on year to 2.29 billion yuan.