China Stocks Decline Despite Easing Trade Tensions
On Wednesday, the Shanghai Composite Index edged down by 0.1% to approximately 3,370, while the Shenzhen Component Index decreased by 0.4% to 10,250. Mainland stocks have faced challenges in maintaining recent upward momentum, largely due to investors' cautious approach to the evolving dynamics of Sino-US trade relations. Over the weekend, productive discussions took place between China and the United States in Switzerland, culminating in an agreement to temporarily reduce tariffs to 10% and 30%, respectively, for a 90-day period. This marks a significant de-escalation in the ongoing trade tensions. Despite this progress, uncertainty remains about the long-term outcome once this temporary agreement concludes, with further negotiations anticipated in the coming weeks. In a separate development, the Trump administration released new guidance stating that the use of Huawei Technologies' Ascend AI chips "anywhere in the world" constitutes a violation of US export controls. Additionally, officials highlighted potential repercussions for permitting US-developed AI chips to be employed in training Chinese AI models.
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