Tencent Music, the Chinese music streaming platform, saw its stock surge 5.07% in Friday's intraday trading session, outperforming the broader market. This significant gain appears to be driven by signs of easing trade tensions between the United States and China.
Investor sentiment was buoyed by comments from President Trump, who expressed a reluctance to impose tariffs on Chinese exports to the US. In an interview with Fox News, Trump stated, "We have one very big power over China, and that's tariffs, and they don't want them, and I'd rather not have to use it. But it's a tremendous power over China." This statement suggests that the US may be open to negotiations and could avoid escalating the trade war with China.
The positive comments from both the US and Chinese sides have fueled optimism among investors, leading to a broad rally in Chinese stocks listed on US exchanges. Tencent Music, being a prominent Chinese technology company, benefited from this improved market sentiment and investor confidence.
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