After Xi-Trump, China tech stocks retreat as market weighs substance of ‘fantastic’ deals

While US President Donald Trump concluded his three-day state visit to Beijing by hailing “fantastic trade deals”, an immediate lack of specifics left some investors wondering if the high-stakes meeting delivered more theatre than substance.

China’s benchmark CSI 300 Index dropped 1.1 per cent on Friday for a second straight day of declines, with investors taking profits from a record-setting rally in tech stocks after Trump wrapped up his tour. For the week, the gauge slipped 0.3 per cent.The tech-heavy Star Market 50 index and the ChiNext 50 gauge also headed south on the day after rising to records earlier in the week on optimism surrounding the potential easing of US export curbs on cutting-edge technologies.

“This has been an incredible visit. I think a lot of, a lot of good has come of it. We’ve made some fantastic trade deals, great for both countries,” Trump said on Friday following a second day of meetings with his counterpart, President Xi Jinping, before flying back to the United States.

So far, no official announcement of such deals has been made, aside from piecemeal details shared by Trump and his administration during media interviews over the past two days.

That includes suggestions that China could purchase as many as 200 Boeing jets and “double-digit billions” worth of American agricultural products annually over the next three years, as well as Beijing’s interest in buying US oil.

This summit feels less like a peace treaty and more like engineers reinforcing a suspension bridge during a stormStephen Innes, SPI Asset Management