China stocks slip on tariffs, e-commerce warning
SINGAPORE, Aug 27 (Reuters) -Chinese stock markets fell on Tuesday, with Canadian tariffs weighing on shares in electric vehicle and steel makers, while downbeat comments from PDD Holdings dragged down e-commerce shares.
** At the midday break, the Shanghai Composite index .SSEC was down 0.36% at 2,845.37. ** China's blue-chip CSI300 index .CSI300 was down 0.61%. ** Chinese H-shares listed in Hong Kong .HSCE fell 0.2% to 6,266.36, while the Hang Seng Index .HSI was down 0.27% at 17,750.32.
** PDD Holdings PDD.O suffered a $40 billion wipeout overnight, after missing market estimates on revenue and warning of changing consumer demand and an uncertain environment.
** Alibaba 9988.HK, down 4.7%, and JD.Com 9618.HK, down 4.2%, were the two biggest losers in the Hong Kong benchmark index. Trip.com 9961.HK was the top gainer after posting a rise in profit.
** Canada, following the lead of the U.S. and European Union, said it would impose a 100% tariff on imports of Chinese electric vehicles and 25% on steel and aluminium.
** An index tracking China's EV-related stocks .CSI930997 fell 0.9%, though automakers Great Wall 601633.SS, BYD 1211.HK and Li Auto 2015.HK pared early losses. The CSI Steel Index .CSI930606 fell 1%.
** Around the region, MSCI's Asia ex-Japan stock index .MIAPJ0000PUS was weaker by 0.45% while Japan's Nikkei index .N225 was up 0.09%. ** The yuan CNY=CFXS was quoted at 7.1257 per U.S. dollar, 0.05% weaker than the previous close of 7.1218. CNY/ ** So far this year, the Shanghai stock index is down 4.4% and the CSI300 has fallen 3.7%. The Hang Seng .HSI is up 4.4%.
Reporting by Tom Westbrook; Editing by Rashmi Aich
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