Hong Kong and China saw a retreat in their stock markets this Wednesday with the benchmarks seeing a fall for the second day in a row as the investors decided to step back before the interim trade deal had been signed between China and United States.
While the delegates of China who were led by, Liu He, who is the Vice-Premier were in the capital for the signing of the trade agreement on Wednesday. The traders had been put on the brink with the reports in the media which said that the tariffs which are currently in place in United States are going to stay in place until the elections in United States and the administration in the United States is coming up with the new edicts for the curbing of exports to the Chinese giant Huawei Technologies.
While both the sides had compartmentalized their issues apart from trade, it is still looking at a lot more frictions as per the analysts.
Shenzhen Sunyes had led a few of the suppliers from China of Huawei lower. The company that is deriving 42% of their sales from the telecom company had dropped by 1.6% to a level of 7.49 yuan. The Shennan Circuits had seen a slip of 1% to a level of 170.24 yuan and there was a loss of 1.1% in the Tianama Microelectronics to a level of 16.83 yuan. Huawei is responsible for a minimum of 17% of revenues of these two companies as per the data.
The commerce department in United States had been drafting the rules which are going to block the exports to Huawei in case the component of America is making up over 10% of the values of producers.
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