Oil Surge, Trade Headwinds Bear Down on China Shares; Jiangxi Redboard Technology Falls 6%
Chinese shares closed lower on Friday as investors weighed escalating Middle East tensions, fresh U.S. tariffs and new defense restrictions against Beijing.The Shanghai Composite Index, the main gauge of Chinese stocks, closed 1.6% lower to 3,814.20. The Shenzhen Component Index fell 2.5% to 13,774.68.Oil prices pierced the $100-per-barrel threshold for the first time since May, following attacks by Yemen's Houthi rebels on Saudi vessels in the Red Sea. The U.S. military also carried out its 13th consecutive night of airstrikes against Iranian targets, with President Donald Trump indicating he is not yet prepared to re-enter ceasefire negotiations with Tehran.Adding to the pressure, the Trump administration rolled out new tariffs of up to 12.5% on imports from several trading partners, citing forced labor concerns. Beijing was hit with a flat 12.5% levy on all goods.Also, U.S. lawmakers advanced a defense legislation blocking the military from deploying humanoid robots made in China. Under Section 163 of the National Defense Authorization Act, the Pentagon is barred from procuring and using humanoid robotic systems produced, developed or controlled by adversarial nations, including China.In company news, Jiangxi Redboard Technology (SHA:603459) subsidiary Ganzhou Redboard Technology will invest 5 billion yuan for the construction of a high-end mSAP or modified semi-additive process precision circuit board project. The company will also invest 700 million yuan to expand its high-density interconnect production lines and 300 million yuan to build a new standardized production plant and auxiliary facilities. Shares of the printed circuit board manufacturer fell 6% Friday.