Asia
China Stocks Rebound as Investors Await Trump-Xi Summit; Shenzhen's Tech Index Closes at All-Time High
China stocks recovered during Wednesday trading as investors brace for the impact of the meeting between Presidents Xi Jinping and Donald Trump in Beijing this week.The Shanghai Composite Index, the main gauge of Chinese stocks, gained 0.7% or 28.08 points to reach 4,242.57. The Shenzhen Component Index rose 1.7% or by 264.83 points to 16,089.75.Shenzhen's ChiNext closed at an all-time high, rising 3% or by 103.45 points to 4,038.33.Shanghai's STAR Market Semiconductor Index closed 5% higher.Nvidia CEO Jensen Huang joined other chief executives at the eleventh hour following a last-minute call from Trump, Reuters reported.Both Xi and Trump will hold their first face-to-face talks in more than six months to stabilize relations mired by trade disagreements, the Iran war, and other flashpoints, Reuters reported Wednesday."Geopolitics will be at the front of minds for many investors, particularly if the meeting helps energy supply concerns in the Gulf," Reuters quoted L&G's chief of investment strategy in Asia, Ben Bennett, as saying.However, investors are keeping their expectations low and are not looking for breakthroughs in the meeting between the two world powers, the newswire said."We've seen this movie before, and we know it doesn't end with a breakthrough agreement that resets the U.S.-China relationship. That creates a pretty low bar for success," the newswire quoted Rayliant Investment Research's Chief Research Officer Phillip Wool as saying.On the corporate front, Wuxi Huaguang Environment & Energy (SHA:600475) surged 10% at market close after associate Guolian Green Technology (Wuxi) applied for a listing on the Hong Kong Stock Exchange.
Shanghai Composite^SZSESHA:600475