On June 28, the much-awaited G20 summit started in Osaka, Japan. With the trade war raging, everyone will be watching the meeting between President Trump and President Jinping on June 29. While there are talks of a temporary truce between the two countries, nothing has been officially confirmed.
China wants the ban on Huawei lifted before an agreement on a trade deal can be reached. Some world leaders, including Japan’s Shinzo Abe, called for an end to protectionism and a focus on free trade at the G20 summit.
Chinese indexes, ETFs, and stocks
Chinese indexes fell ahead of the Trump-Xi meeting. The benchmark Shanghai Composite Index fell 0.6% since most sectors ended in the red. The index ended the week 0.77% lower. However, the Shanghai Composite rose 2.77% in June despite the trade war. The tech-heavy Shenzhen Component lost 0.66% on June 28.
On June 27, major China-focused ETFs ended in the green in the US markets. The iShares MSCI China ETF (MCHI) rose 0.98% while the KraneShares CSI China Internet ETF (KWEB) rose 2.03%. Among the Chinese companies traded in the US, Alibaba (BABA) rose 1.13% on June 27. Alibaba stock rose 0.44% in pre-market trading at 5:52 AM ET on June 28. Alibaba is part of MCHI and KWEB. JD.com (JD) rose 0.5% on June 27. The stock was flat in pre-market trading at 4:30 AM ET on June 28.