Hopes that trade tensions between Beijing and Washington would ease were encouraged on Tuesday morning, as vice president Wang Qishan said China is ready for talks with the United States. Wang's remarks came after a phone call between U.S. President Donald Trump and Chinese President Xi Jinping last week and ahead of the two leaders' meeting at a G20 summit later in November.
Most investors are on hold, as they keep an eye on the outcome of the mid-terms and its impact on Trump's trade policy. The U.S. elections are widely seen as a referendum on Republican President Donald Trump's first two years in the White House, with his party favoured to retain its majority in the U.S. Senate and while the opposition Democrats are expected to capture a majority in the U.S. House of Representatives. Investors across the world are closely watching the elections, as policy decisions that could sway the economy, corporate decision-making and consumer spending hinge on the results.
Shares of Apple's suppliers extended losses after Apple guided for lower earnings for this quarter, and it was reportedly that the company halted its iPhone XR new production line plan. AAC Technologies (02018) plunged 6.7% to HK$58. Sunny Optical (02382) dived 7% to HK$73. It was the biggest blue chip loser.
Shares of energy companies were higher after the US government announced the details of its second round of sanction on Iran. CNOOC (00883) put on 1.5% to HK$13.72. Sinopec (00386) rose 0.9% to HK$6.72. PetroChina (00857) added 1.2% to HK$5.87.
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