By Rebecca Feng
Shares in Hong Kong jumped after the U.S. and China agreed to slash tariffs and continue trade negotiations.
-- The benchmark Hang Seng Index jumped 3%, while the Hang Seng Tech Index surged 5.2%. Ecommerce heavyweight Alibaba jumped more than 6%.
-- The two Hang Seng indexes have now recouped all of their losses since April 2, when President Trump unveiled steep "Liberation Day" tariffs against China and other nations.
-- Shares in contract manufacturer BYD Electronic and smartphone-component maker Sunny Optical Technology both jumped more than 13%. PC maker Lenovo and EV manufacturer XPeng each gained more than 9%.
-- The Chinese yuan rose 0.3% against the dollar. The mainland Chinese stock market closed before the announcement.
The tariff reduction was larger than expected, said Tai Hui, chief market strategist for Asia Pacific at J.P. Morgan Asset Management.
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(END) Dow Jones Newswires
May 12, 2025 05:01 ET (09:01 GMT)
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