PRE-MARKET CHINESE STOCK NEWS: US President Biden called for raising tariffs on Chinese metals

China National Building Material (3323 HK) - Co. sees quarterly unaudited loss attributable of AUD 1.3bln. (Newswires)

Dongfeng Motor (489 HK) - Co. controlling shareholder acquired 3.2mln H shares of the Co. at an average price of HKD 2.77/shr. (Newswires)

Esprit Holdings (330 HK) - Co. entered into a non-legally binding MOU with an international private equity group for potential investment and cooperation. (Newswires)

Gome Retail (493 HK) - Co. announced advanced notice of an administrative penalty and market prohibition issued by China’s CSRC related to breach of disclosure regulations by Gome Telecom Equipment Co, while notice alleged that St Meixun inflated revenue and costs in the 2020 annual report by about CNY 578mln and CNY 575mln. (Newswires)

HSBC (5 HK) - Co. is to cut an additional 20 investment banking jobs in Asia to take the total to around 30 this week, according to sources. (Newswires)

Xpeng (9868 HK) - Co. and Volkswagen (VOW3 GY) announced entry into the framework agreement on E/E architecture technical collaboration and is to equip a VW brand EV produced in China from 2026. (Newswires)

Yuexiu (1052 HK) - Co. appointed Liu Yan as Chairman with immediate effect. (Newswires)

ByteDance - EU gave TikTok 24 hours to provide risk assessments on TikTok Lite amid concerns of the impact on children and users' mental health, according to Reuters sources. (Newswires)

Financials - PBoC issued a statement on payment services in commercial areas and stated that it is to ‘better use’ low-efficiency financial resources, while it will closely watch corporate loan transfers and re-lending, as well as strengthen the supervision of financial resources use. (Newswires)

Other News

China’s NDRC said it is to speed up the issuance of ultra-long special bonds and it expects consumption to improve gradually. (Newswires)

US President Biden directed his administration to work with Mexico to stop Chinese evasion of metals tariffs, while he called on trade representatives to consider increasing the tariff rate on Chinese steel and aluminium products to 25% from current averages of 7.5%, according to the White House. It was later reported that the proposed tariffs would apply to more than USD 1bln on steel and aluminium products from China, while President Biden commented there is no trade war when asked about the proposed China metals tariffs and said he wants fair competition not conflict with China. (Newswires)

US Trade Representative Tai expects to conclude the review of Section 301 China tariffs soon, while she said the US has to take "decisive" action against China's state support for EV and solar products. (Newswires)

China's Commerce Ministry commented that China is strongly dissatisfied with and firmly opposes the US Section 301 investigations. (Newswires)

Chinese embassy said it hopes the US will work with China to stop actions that violate international economic and trade rules and disrupt the international economic and trade order. (Newswires)

US Secretary of State Blinken is travelling to China on April 23rd. (Politico)

Data Recap

• China Swift Global Payments (CNY)(Mar) 4.69% (Prev. 4.00%)

18 Apr 2024 - 02:15- MetalsResearch Sheet- Source: Newswires