Understanding the Market | Shipping stocks collectively rose in the afternoon as China-U.S. trade negotiations reached a consensus; institutions expect shipping trade between China and the U.S. to recover rapidly
Shipping stocks collectively rose in the afternoon. As of the time of publication, SITC rose 6.85% to HKD 30.58; PACIFIC BASIN rose 4.67% to HKD 2.69; COSCO SHIP HOLD rose 2.82% to HKD 13.87; OOIL rose 1.86% to HKD 137. On the news front, on October 30, the leaders of China and the United States held a meeting to discuss topics such as Sino-U.S. economic and trade relations and agreed to strengthen cooperation in economic and trade fields. In addition, the economic and trade teams of both countries achieved positive results through consultations. Among them, the U.S. side will cancel the additional 10% so-called fentanyl tariff, and the additional 24% reciprocal tariff will continue to be suspended for one year. The transportation market is supported by favorable news, with active market bookings and continued increases in freight rates. Huayuan Securities pointed out that the implementation of these measures may alleviate bilateral trade frictions, promote global economic stability and growth, and create a favorable environment for the shipping market. We expect that maritime trade between China and the United States will quickly recover, especially in China's container exports to the U.S. and China's imports of bulk commodities such as U.S. grain, crude oil, and natural gas
According to the Zhitong Finance APP, shipping stocks collectively rose in the afternoon. As of the time of publication, SITC (01308) rose by 6.85% to HKD 30.58; PACIFIC BASIN (02343) rose by 4.67% to HKD 2.69; COSCO SHIP HOLD (01919) rose by 2.82% to HKD 13.87; OOIL (00316) rose by 1.86% to HKD 137.
On the news front, on October 30, the leaders of China and the United States held a meeting to discuss topics such as Sino-U.S. economic and trade relations and agreed to strengthen cooperation in economic and trade fields. In addition, the economic and trade teams of both countries achieved positive results through consultations. Among them, the U.S. side will cancel the additional 10% so-called fentanyl tariff, and the additional 24% reciprocal tariff will continue to be suspended for one year. The transportation market is supported by favorable news, with active market bookings and continued increases in freight rates.
Huayuan Securities pointed out that the implementation of these measures may alleviate bilateral trade frictions, promote global economic stability and growth, and create a favorable environment for the shipping market. We expect that maritime trade between China and the United States will quickly recover, especially in China's container exports to the U.S. and China's imports of bulk commodities such as U.S. grain, crude oil, and natural gas
