June 23, 2020 / 7:32 AM / 2 months ago

China shares end higher as Trump reassures on trade deal

* Shanghai stocks +0.18%, blue-chip CSI300 index up 0.48%

* Indexes had fallen earlier after White House adviser cast doubt on trade deal Health care sub-index jumps 2%

SHANGHAI, June 23 (Reuters) - Chinese shares ended higher on Tuesday, as investors were reassured by U.S. President Donald Trump’s assertion that the trade deal between China and the United States remains in place.

** At the close, the Shanghai Composite index was up 0.18% at 2,970.62. ** The blue-chip CSI300 index was up 0.48%, with its financial sector sub-index lower by 0.16% and the real estate index down 0.55%. ** Both indexes fell in early trade after White House trade adviser Peter Navarro said on Fox News that the trade deal between Washington and Beijing was “over”. ** But after his comments stoked market volatility, Navarro said the trade deal with China “continues in place”, while U.S. President Donald Trump said in a tweet the deal with China was “fully intact”. ** The CSI300 healthcare sub-index jumped 2%, lifted by shares of Chongqing Zhifei Biological Products, which gained 4.88% after the company received approval to start human trials of a COVID-19 vaccine candidate developed by a unit. ** China reported 22 new coronavirus cases for June 22, 13 of which were in the capital Beijing, the National Health Commission said on Tuesday.

** The smaller Shenzhen index gained 0.56% and the start-up board ChiNext Composite index was higher by 1.672%. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.75%, while Japan’s Nikkei index closed 0.5% higher. ** At 07:04 GMT, the yuan was quoted at 7.0742 per U.S. dollar, 0.09% weaker than the previous close of 7.0678. ** So far this year, the Shanghai stock index is down 2.6% and the CSI300 has risen 0.6%, while China’s H-share index listed in Hong Kong is down 11%. Shanghai stocks have risen 4.15% this month. (Reporting by Andrew Galbraith; Editing by Krishna Chandra Eluri)

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