Raytheon awarded $71 million in Navy contracts for missile systems
Investing.com -- Chinese tech shares listed in Hong Kong fell on Friday, with major companies like Alibaba (HK:9988), BYD (HK:1211), and Baidu (HK:9888) leading the downturn.
Friday’s drop fall in tech stocks comes amid renewed uncertainty about the prospects of a trade deal between Beijing and Washington. Alibaba shares dropped by 4.2%, while BYD and Baidu saw their shares fall by 3.8% and 3.9% respectively. The {{1164092|Hang Seng TECH}, similar to the Nasdaq, dropped as much as 2.7%.
Investor concerns are on the rise amid a recent U.S. trade court ruling that blocked the tariffs imposed by former President Trump, which was quickly appealed. This ruling has introduced a new level of uncertainty into the market.
Scott Bessent, the U.S. Treasury Secretary, described the U.S-China talks as "a bit stalled", which could be impacting hopes of progress toward a bilateral deal.
In an interview with Fox News on Thursday, Bessent stated that there might be a call between the U.S. President and the Chinese party chair Xi Jinping, due to the magnitude of the talks requiring both leaders to consult with each other.
Bessent also noted that the court ruling had no impact on the ongoing negotiations with trading partners.
ING’s chief China economist, Lynn Song, commented on the situation, stating that it was "unfortunate but unsurprising" to hear that U.S.-China talks had stalled.
She added that both sides are still far apart on various issues and there is little mutual trust between them, which is fueling investor concerns.