July 5, 2019 / 4:39 AM / a year ago

Shanghai slides, blue chips gain as market awaits trade talk cues

* SSEC falls 0.2%, CSI300 up 0.1%, HSI 0.1% higher, HSCE down 0.2%

* U.S. says China trade talks to resume next week, gives few details

* China’s June new loans dip but regulator says lending demand met

HONG KONG, July 5(Reuters) - Shares in Shanghai fell on Friday, while Chinese blue chips made small gains as China and the United States prepared for fresh trade talks next week, but gave little hint as to when exactly negotiators will meet face-to-face.

** At the midday break, the Shanghai Composite index was down 0.2% at 2,999.92 and up 0.7% for the week, while the blue-chip CSI300 index was up 0.1% on the day and 1.3% higher on a weekly basis. ** CSI300’s financial sector sub-index was lower by 0.3%, the consumer staples sector was up 1.4%, the real estate index fell 1.6%, and the healthcare sub-index rose 1.2%. ** The smaller Shenzhen index was up 0.1% and the start-up board ChiNext Composite index was higher by 0.3%. ** Top representatives of the United States and China are organizing a resumption of talks for next week to try to resolve a year-long trade war between the world’s two largest economies, Trump administration officials said on Wednesday. ** But one of the officials, White House Economic Adviser Larry Kudlow, sounded unclear about the timeline for relaunching face-to-face talks, saying that these would begin “soon” and that an announcement would be forthcoming. ** Ratings agency Moody’s affirmed China’s rating at A1 with a stable outlook on Thursday, citing the country’s financial and policy means to contain any rise in its economy-wide leverage and mobilise resources to support its stressed public sector entities and maintain financial stability. ** Chinese banks extended less in new yuan loans in June, according to a Reuters calculation based on official data, but regulators assured that credit needs of the broader economy were met. ** Asian markets were hoving near two-month highs on Friday as investors braced for U.S. employment data, a key release that could stoke or temper market expectations about aggressive policy easing by the Federal Reserve. ** Around the region, MSCI’s Asia ex-Japan stock index was pretty much flat while Japan’s Nikkei index was up almost 0.1%. ** In Hong Kong, interbank rates largely eased on Friday but stayed close to their highest in over a decade, as investors scrambled for cash ahead of what would be the world’s largest IPO this year. ** Chinese H-shares listed in Hong Kong fell 0.2%, while the Hang Seng Index was up 0.1% at 28,817.67. ** As of 0400 GMT, China’s A-shares were trading at a premium of 28.87% over the Hong Kong-listed H-shares. ** The Shanghai stock index is above boths its 50-day moving average and its 200-day moving average. ** In Hong Kong, the sub-index of the Hang Seng index tracking energy shares was flat while the IT sector fell 0.1%. The top gainer on the Hang Seng was Link Real Estate Investment Trust, up 1.6%, while the biggest loser was Geely Automobile Holdings Ltd, which was down 4.9%.

Reporting by Noah Sin; Editing by Rashmi Aich

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