Asia
Limited Trump-Xi Summit Progress Pulls Down Chinese Shares; Tianhai Automotive Electronics Jumps 147% in Shenzhen Debut
Chinese shares were down on Monday as rhetoric surrounding the summit between U.S. President Donald Trump and Chinese President Xi Jinping failed to boost market appetite.The Shanghai Composite Index, the main gauge of Chinese stocks, ticked down 0.1% to 4,131.53. The Shenzhen Component Index declined 0.2% to 15,530.23.Markets were hoping for broader trade and geopolitical breakthroughs, and were disappointed by the lack of concrete progress, Market Pulse reported.China and the U.S. agreed to establish Trade and Investment Councils, pursue reciprocal tariff reductions, and address non-tariff barriers on agricultural goods. China also pledged to address U.S. concerns on beef plant registrations and poultry exports.However, despite expectations of China buying "double-digit billions" in U.S. farm goods over three years, no details on products, prices, or volume have been released.Renewed warnings over tensions with Taiwan also bore down on regional risk sentiment.President Lai Ching-te said Taiwan "will not be sacrificed or traded" amid concerns regarding the content of the U.S.-China summit held last week. While Taiwan won't initiate trouble, it won't give up its "national sovereignty and dignity, or our democratic and free way of life, under pressure," Lai said, calling China the real source of regional instability.On the economic front, China's retail sales slightly rose 0.2% year on year in April to 3.725 trillion yuan. This was a sharp drop from the 1.7% growth in March and missed a Reuters forecast of a 2% rise.In company news, shares of Tianhai Automotive Electronics (SHE:001365) surged 147% versus their initial public offering price of 27.19 yuan on their first day of trading on the Shenzhen Stock Exchange.
Shanghai Composite^SZSESHE:001365