China Stocks Rise on Positive Global Cues
On Monday, the Shanghai Composite Index experienced a 0.4% increase, reaching approximately 3,360 points. This rebound came after previous losses and was in line with positive trends observed in global markets. Investor confidence received a boost when U.S. President Donald Trump announced an extension on the deadline for implementing 50% tariffs on the European Union, temporarily alleviating trade tension concerns. Despite this development, market participants remained wary due to Trump's additional remarks about his intention to impose a 25% tariff on iPhones sold domestically that are manufactured abroad, contributing to the ongoing uncertainty surrounding trade policies. Further, investors closely monitored Sino-U.S. relations following a recent diplomatic discussion between China's Vice Foreign Minister Ma Zhaoxu and U.S. Deputy Secretary of State Kurt Campbell. The technology sector drove gains, with notable upward movements from companies such as Kunlun Tech (up 4.7%), Shanghai Electric (up 6.9%), Victory Giant (up 5.8%), Hydsoft Technology (up 6.1%), and Jiangsu Etern (up 7.6%).
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