| Chinese equities experienced a downturn Thursday as investors adopted a circumspect stance in anticipation of critical US-China discussions. The Shanghai Composite registered a 0.41% decrease, settling at 3,875.6, while the Shenzhen Component declined 0.33% to 13,409.9.
US Treasury Secretary Scott Bessent is anticipated to convene with Chinese Vice Premier He Lifeng this weekend to finalize arrangements in advance of the September 24 meeting between US President Donald Trump and Chinese President Xi Jinping. Market participants are closely monitoring developments concerning tariffs, sanctions, and broader geopolitical risks, encompassing matters pertaining to Taiwan and the Middle East.
Energy equities faced significant selling pressure, registering among the steepest declines. PetroChina’s shares decreased by 1.67%, CNOOC’s price declined 2.39% and Sinopec’s stock retreated 1.54%. Conversely, BYD advanced 1.2% after reports surfaced suggesting Chinese authorities are considering incorporating the automaker into Xi Jinping’s business delegation for his meeting with Trump. |