China stocks fall as trade talks disappoint

Chinese stocks came under pressure on Monday, with the Shanghai Composite falling 1.67% to 3,823.6, its lowest level in nearly two months. The Shenzhen Component dropped 3.44% to 12,858.8, hitting a more than nine-month low.

The decline came as investors returned from the holiday break and reacted to the lack of major progress at the Trump-Xi summit. While the US and China agreed to cut tariffs on around $30 billion of imports from each side and extend their trade truce through January, several key issues remained unresolved.

Technology stocks were among the biggest losers after reports about possible Chinese purchases of Nvidia's new AI chips and proposed US sanctions on foreign optical component makers. Cambricon Technologies fell 6.55%, GigaDevice Semiconductor dropped 6.58%, Zhongji Innolight lost 4.35%, and Eoptolink Technology declined 4.53%.

 

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