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China, Hong Kong stocks welcome Biden win, prospects of improved trade ties

SHANGHAI, Nov 9 (Reuters) - China and Hong Kong stocks opened firmer on Monday as investors welcomed Joe Biden’s victory in the U.S. presidential election with expectations of a thawing in frosty Sino-American trade ties.

The CSI300 index rose 1.1% to 4,941.46 points at 0151 GMT, while the Shanghai Composite Index gained 1.0% to 3,344.95 points.

Hong Kong’s Hang Seng index was up 1.1%, to 26,006.66 points.

U.S. President-elect Biden and his advisers were working on plans to tackle the crises facing a divided America, especially the raging coronavirus, after the Democrat won enough states on Saturday to clinch the presidency.

“A Biden win bodes well for China’s listed companies for the short-term as he is unlikely to engage directly in a trade war (with China),” said Niu Chunbao, chairman & chief investment officer at Wanji Asset, a Shanghai-based private equity fund.

Over the long run, however, the U.S. strategy of uniting other western countries to contain China’s global strategic expansion is unlikely to change much, Niu said.

Chinese state media struck an optimistic tone about Biden’s win on Monday, saying relations could be restored to a state of greater predictability, starting with trade.

Adding to the optimism was upbeat Chinese trade data, which pointed to continued economic recovery.

China’s exports grew at the fastest pace in 19 months in October, while imports also rose, data showed on Saturday. (Reporting by Luoyan Liu and Andrew Galbraith; Editing by Sam Holmes)

Nuestros Estándares: Los principios Thomson Reuters.

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