From Business Recorder: 2024-06-07 22:00:56

China stocks closed down on Friday following US lawmakers’ push to ban Chinese battery firms linked to Ford and Volkswagen from exporting to the US. Despite this, China’s exports grew 7.6% year-on-year in May, providing relief as the economy seeks recovery. Global stocks hit record highs after the European Central Bank cut interest rates. In Shanghai, the Composite index closed up 0.08% at 3,051.28, while the Hang Seng index fell 0.59% to 18,366.95. For the week, CSI 300 slipped 0.2% and Hang Seng gained 1.6%.

The Wall Street Journal reported Chinese battery companies associated with Ford and Volkswagen should be banned from the US due to alleged forced labor in their supply chains. CATL, a Ford partner, and Gotion, partially owned by Volkswagen, should be added to the import ban list. Shares of CATL fell 5.7% and Gotion dropped 2.1%. The CSI 300 index was down 0.5%, with the financial sector up 0.18% and consumer staples falling 1.16%. Hang Seng China Enterprises index dropped 0.68% to 6,510.37. The Hang Seng tracking energy shares rose 0.3%, IT sector dipped 1.55%, financial sector ended 0.25% lower, and property sector fell 0.32%. Shenzhen index closed up 0.1% and ChiNext Composite index was weaker by 2.163%.



Read more at Business Recorder: China stocks close down – Markets