Chinese tech stocks jumped Thursday in US trade after China welcomed an invitation from US to restart trade talks before President Donald Trump hits $200 billion worth of Chinese goods with tariffs.
- US Treasury Secretary Steven Mnuchin sent an invitation to China to restart trade talks on Wednesday.
- China confirmed the offer on Thursday and said it welcomes the talks.
- The results lifted Chinese stocks traded in the US.
- Watch Alibaba, iQiyi, JD.com, Baidu.com, Pinduoduo trade in real-time here.
Chinese tech stocks jumped Thursday in US trade after China welcomed an invitation from the US to restart trade talks before President Donald Trump hits $200 billion worth of Chinese goods with tariffs.
Larry Kudlow, Trump’s chief economic adviser, told Fox Business on Wednesday that Treasury Secretary Steven Mnuchin has extemded an invitation to senior Chinese officials to retstart talks and that the US has received signals that "the top of the Chinese government" is interested.
China's Ministry of Commerce confirmed Thursday that it had received and welcomed the invitation, and the two countries were discussing the details. "China has held that an escalation of the trade conflict is not in anyone's interests," Ministry of Commerce spokesman Gao Feng said during a weekly press briefing.
As a result, Chinese tech stocks are higher across the board. Here's the scoreboard:
- Pinduoduo (PDD): +5.7%
- iQiyi (IQ): +3.6%
- JD.com (JD): 2.7%
- Baidu.com (BIDU): +2.3%
- Alibaba (BABA): +2.2%
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Source: Pluse ng