March 23, 2016 / 7:21 AM / a month ago

China stocks hit 2-week high on U.S. trade deal hopes

* Shanghai shares add 0.8%, blue-chips up 0.8%

* U.S. touts currency pact as part of partial deal - Bloomberg

* Trump: good chance for agreement; little progress so far - SCMP

HONG KONG, Oct 10 (Reuters) - China’s stocks climbed to a two-week high on Thursday as investors hoped for a partial trade deal between Washington and Beijing, but a report stating Chinese officials are looking to cut short their visit to the U.S. capped gains. ** The Shanghai Composite index closed up 0.8% at 2,947.71 points, its highest level since September 26. The blue-chip CSI300 index also gained 0.8% on Thursday. ** Among sectors, CSI300’s financial sector sub-index rose 0.2%, the consumer staples sector gained 1%, while the real estate index fell 0.1%. ** The smaller Shenzhen index rose 1.4% and the start-up board ChiNext Composite index was higher by 2.7%. ** The White House is weighing a currency pact with China as part of a partial deal that could see a planned tariff hike next week being suspended and part of what it regards as a first-phase agreement with Beijing, Bloomberg cited people familiar with the talks as saying on Wednesday. ** U.S. President Donald Trump said on Wednesday there was a very good chance that the United States and China will reach a trade agreement, but added that “in my opinion China wants to make a deal more than I do”. ** The United States will soon issue licences for some of its firms to supply non-sensitive goods to banned Chinese telecoms firm Huawei Technologies Co Ltd, the New York Times said on Wednesday, citing people familiar with the matter.

** The United States and China made no progress in deputy-level trade talks held on Monday and Tuesday in Washington, the South China Morning Post (SCMP) said, citing unnamed sources with knowledge of the meetings. ** The report also stated that the Chinese delegation, headed by Vice Premier Liu He, is planning to leave Washington on Thursday after just one day of minister-level meetings. ** Chinese organisers on Wednesday cancelled a fan event on the eve of a National Basketball Association (NBA) exhibition game in Shanghai, the latest fallout in a growing dispute over a tweet by a team official supporting protests in Hong Kong. ** But analysts at Founders Securities said the A-share market has already absorbed the downside effect of the trade talks, writing in a note on Thursday “the worst result is the expected result, even if the negotiation’s results are a little above expectation, global capital markets will react positively.” ** About 13.42 billion shares were traded on the Shanghai exchange, close to the previous trading session’s 13.04 billion. ** The Shanghai stock index is above its 50-day moving average and above its 200-day moving average. (Reporting by Noah Sin; editing by Uttaresh.V)

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