April 29, 2025 at 03:57 am EDT
(MT Newswires) -- Chinese shares were flat with a negative bias on Tuesday as China continued to deny tariff talks with the US and analysts warned of tariff impacts on jobs and port throughput.
The ShAnghai Composite Index, the main gauge of Chinese stocks, inched down 1.76 points to 3,286.65. The Shenzhen Component Index edged down 5.39 points to 9,849.80.
China continued to deny US President Donald Trump's statements that trade negotiations between Beijing and Washington are underway. "I would like to reiterate that China and the United States have not held consultations or negotiations on tariffs," Chinese Foreign Ministry spokesman Guo Jiakun said.
Meanwhile, Goldman Sachs warned up to 16 million jobs in China are at risk due to US tariffs on Chinese imports, adding that communication equipment, apparel and chemicals-key drivers of Chinese exports to the US-were "more vulnerable."
S&P Global Ratings said Chinese ports will see a historical drop in throughput due to increased US tariffs and fluctuating volumes should the tariffs persist.
In company news, Zhejiang Zheneng Electric Powerposted first-quarter net profit attributable to shareholders of 1.07 billion yuan, down 41% from 1.82 billion yuan the previous year. Shares of the power supplier were down 9% Tuesday.

Sumber : MT Newswires