US-China trade war as it happened: Washington and Beijing agree to reduce tariffs; S&P 500 notches third-biggest jump past of 5 years

US stocks notched one of their biggest jumps in recent years, as the de-escalation of tariff tensions between the US and China sparked a strong rally for risky assets.

The S&P 500 closed 3.3 per cent higher on Monday. That was its biggest jump since April 9, but also ranked as its third-biggest one-day gain of the past five years.

Consumer cyclicals, energy stocks and financials among the best performers in Wall Street’s benchmark index after the world’s two largest economies agreed to drastically scale back tariffs for 90 days.

The tech-heavy Nasdaq Composite closed 4.3 per cent higher, ranking as its fourth-biggest single-session jump in the past five years.

Shares in Meta, Apple and Nvidia leapt 7.9 per cent, 6.3 per cent and 5.4 per cent, respectively.

Monday’s gains extended a recent surge for US stocks, which have rebounded in recent weeks from a sharp sell-off in the days after Trump’s “liberation day” tariff announcements on April 2. The latest move left the S&P 500 close to erasing all of its year-to-date losses, and came as the dollar rallied against other major currencies.

The tariff reduction “really is a big and positive surprise” and “represents a far larger backtracking from Trump than we had expected,” said David Seif, chief economist for developed markets at Nomura.

He cautioned, however, that “things can swing back very quickly in the other direction, and we would not preclude tariff rates rising back up on July 8 for the rest of the world and August 10 for China” when the two relevant 90-day pauses expire.

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The first meeting to break the US-China trade deadlock was held almost three weeks ago in the basement of the IMF headquarters, arranged under cover of secrecy.

US Treasury secretary Scott Bessent, who was attending the IMF spring meetings in Washington, met China’s finance minister Lan Fo’an to discuss the near complete breakdown in trade between the world’s two biggest economies, according to people familiar with the matter.

The previously unreported encounter was the first high-level meeting between US and Chinese officials since Donald Trump’s inauguration and the launch of his tariff war. The Treasury declined to comment on the secret meeting.

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Goldman Sachs is less pessimistic on the outlook for the US economy after Washington and Beijing agreed to temporarily lower tariffs.

Analysts at the bank on Monday now forecast a 35 per cent chance that the US economy will fall into recession this year, down from 45 per cent previously.

Goldman also raised its growth 2025 US growth forecast by 0.5 percentage points to 1 per cent, after the tariff rate on Chinese imported goods was lower than analysts’ expected. They also noted that “meaningful easing in financial conditions over the past month” also factored into their updated forecast.

“Under our new economic baseline, the rationale for rate cuts shifts from insurance to normalisation as growth remains somewhat firmer, the unemployment rate rises by somewhat less and the urgency for policy support is reduced,” they said in a note published on Monday.

The main equities gauges in several countries around the world are now trading higher than they were on April 2, when Donald Trump revealed his ‘liberation day’ plan for tariffs on US trading partners and sent financial markets into a spin.

In a notable milestone for Wall Street, small cap stocks, as tracked by the Russell 2000, exceeded their April 2 closing level for the first time since that date. Small cap stocks are sensitive to the domestic growth outlook and the Russell 200 was still under water when the large cap S&P 500 and Nasdaq Composite first closed above their ‘liberation day’ levels earlier this month.

Gains for several global markets on Monday after the US-China tariff reprieve was announced has also extended recent rallies for other major indices. Ten days ago, half of the gauges shown in the above chart were in the red.

The US tariffs that remain in place are still the steepest in almost a century, despite the détente between Washington and Beijing, according to the YaleBudget Lab.

The lab said on Monday that it believed the average effective tariff rate on US consumers was now 17.8 per cent if they continued to buy the same goods from the same sources,compared with 28 per cent in mid-April — before the trade deal with the UK was inked and the levy on Chinese goods was cut from 145 per cent to 30 per cent.

The 28 per cent level was the highest since 1901, while the new17.8 per cent rate is the highest since 1934.

At the new level, consumers would have to pay $2,800 more for products this year compared with 2024, while growth would be 0.7 percentage points lower this year.

Donald Trump’s tariffs raised the US government an additional $15bn in April, according to US Treasury figures out today.

The Treasury’s Monthly Statement showed that the amount of revenue collected from customs duties, minus any deductions, was $59.2bn during the current fiscal year. That was against a figure of $44.1bn for the previous fiscal year.

“The increase in the customs duties is reflective of the [new] tariffs,” a Treasury official said, later adding: “April has been the largest increase in the fiscal year to date.”

The total amount raised in customs duties in April was $15.634bn.

The April data comes after the Trump Administration introduced a 10 per cent levy on all US imports on April 2, and additional charges that took the tariff on goods from China to 145 per cent. The 10 per cent levy took effect on April 5, with the additional Chinese charges coming in on April 9.

Most of the additional levies on China were reversed as part of this weekend’s deal between Beijing and Washington.

US soyabean farmers welcomed the trade deal between Washington and Beijing, which has delayed tariffs they had warned would cause “painful” disruptions to American agriculture.

Chinese officials had targeted soyabeans for a 114.37 per cent import duty, in effect shutting American farmers out of the world’s largest market for the crop.

The remaining 10 per cent tariff, though, is “far from inconsequential,” American Soybean Association president Caleb Ragland said.

China’s cattle ranchers and food producers will probably still prefer to purchase from Brazil and Argentina to avoid the US levies, said Ragland, who farms soyabeans in Kentucky.

Wall Street stocks were on course for one of their biggest one-day jumps in recent years after the US and China agreed to lower tariffs for the next 90 days.

The S&P 500 was up 2.9 per cent during lunchtime trading on Monday. The move, if maintained by the closing bell, would rank as its biggest daily jump since April 9, when the benchmark index jumped 9.5 per cent, and its seventh-largest of the past four years.

The tech-heavy Nasdaq Composite, up 4.1 per cent, was on course for its biggest single-session jump in four years.

Investors snapped up growth-sensitive and cyclical stocks, which placed consumer discretionary, tech and industrials among the S&P 500’s best-performing sectors.

The Russell 2000, which comprises domestically-sensitive small cap stocks, was up 3.2 per cent.

Prices for gold and bitcoin slipped on Monday while the euro, the yen and the Swiss franc all fell against the dollar, as the de-escalation of trade tensions between the US and China encouraged traders to take profits on several recentlypopular trades.

Bitcoin fell 1.6 per cent to $102,613 and gold dropped 2.6 per cent to $3,237 per troy ounce. Both had surged in recent weeks. A measure of the dollar’s strength against a basket of six other major currencies rose 1.3 per cent.

“Every thematic trade of the past few months is going [the] ‘wrong-way’,” said Charlie McElligott, a derivatives strategist at Nomura. “[The] US economic outlook is rapidly being reset.”

Investor sentiment was exuberanton Monday morning as US stocks soared and Treasury yields rose after the US and China agreed to slash tariffs.

“Markets are defaulting to assuming we’re now in a 10-30 world: 10 per cent(tariffs) on most of the world, 30 per cent on China. Peak tariffs are very much in the past. We will take a growth hit this year, but that is different from a recession,” said AjayRajadhyaksha, global chair of research at Barclays.

The shift over the weekend means that the Federal Reserve could hold off on interest rate increases until September, pricing in the futures market indicated. Even if a recession in 2025 is averted, tariffs pose an inflationary threat.

“The Fed looks genius right now because they didn’t rush to cut rates,” said Rajadhyaksha.

Still, tariffs in the 10-30 per cent range mark a radical change from no US tariffs, the state of the world when Trump was elected president.

“We are in a significantly worse position in terms of growth at the end of 2025, versus the end of 2024,” said Rajadhyaksha. And the volatility and uncertainty around the release of the tariffs means “there is some near-term damage that has been done to US assets. It remains to be seen if that will persist.”

Donald Trump said he would raise tariffs on China if the two countries failed to reach a trade deal in 90 days, but would stop short of ratcheting them back up to 145 per cent.

Trump increased the additional tariffs he was applying to all Chinese imports to 145 per cent last month, before cutting them after US and Chinese officials met in Geneva over the weekend.

When asked during a press conference on Monday if the levies would return to 145 per cent after 90 days, Trump replied: “No, but they would go up substantially higher.”

“At 145 you’re really decoupling, nobody is going to buy . . . but they can go up,” Trump said.

“I think you will have a deal, however,” he continued.

A top Federal Reserve official has said Donald Trump’s trade war is still likely to lower growth and raise prices, despite the truce between the US and China over the weekend.

“Trade policies are evolving and are likely to continue shifting,” Fed governor Adriana Kugler said in Dublin on Monday. “Still, they appear likely to generate significant economic effects even if tariffs stay close to the currently announced levels, and the uncertainty associated with these tariffs has already generated effects on the economy through frontloading, sentiment and expectations.”

Fed officials believe the tariffs deployed by the Trump administration will push up prices and lower growth, potentially raising unemployment in the process.

“Given the upside risks to inflation and given that I still view our policy stance as somewhat restrictive, I supported the decision to keep rates at [4.25 to 4.5 per cent],” Kugler said on Monday. “With inflation and employment potentially moving in opposite directions down the road, I will closely monitor developments as I consider the future path of policy.”

Stocks of US retailers diverged after the US and China agreed to scale back tariffs, with those dependent on imports gaining the most.

Mass merchandiser Target rose 4.3 per cent in early trading, while the hardware chain Home Depot was up 3.4 per cent. About 30 per cent of Target’s and a quarter of Home Depot’s sourcing is exposed to China, according to Morgan Stanley.

Grocers’ sales are more reliant on domestically grown food. Supermarket operator Kroger, which previously disclosed “small single-digit exposure” to inventory from China, was down 4.7 per cent in early trading. Walmart, where the bulk of US sales come from groceries, was off by 0.8 per cent.

Highly rated US companies flocked to the bond market to sell new debt on Monday, taking advantage of improving market conditions brought on by signs that trade relations between the US and China are getting better.

Equipment manufacturer Caterpillar, cruise operator Carnival and automaker Toyota led the way among corporate groups looking to tap the US debt markets, according to data from LSEG.

A fall in borrowing costs has mirrored a rally in equities since US President Donald Trump announced “reciprocal tariffs” in early April.

The premiums paid to investors by highly rated issuers above the cost of government debt, known as “spreads,” had fallen to 1.02 percentage points as of Friday, the lowest they’ve been since Trump’s “liberation day” announcement on April 2.

US President Donald Trump said he would speak to Chinese President Xi Jinping “maybe at the end of the week” after Washington and Beijing de-escalated their trade war over the weekend.

“We’re not looking to hurt China,” Trump said. “China was being hurt very badly. They were closing up factories. They were having a lot of unrest . . . they were very happy to be able to do something with us, and the relationship is very, very good.”

The S&P 500 surged at the open on Monday after the US and China slashed tariffs for 90 days in a de-escalation of the trade war between the world’s two largest economies.

The S&P 500 rose 2.9 per cent and the tech-heavy Nasdaq climbed 4.1 per cent, as investors hailed the agreement between Washington and Beijing after a weekend of talks in Geneva.

The US will cut the additional tariffs imposed on Chinese goods during US President Donald Trump’s second term to 30 per cent from 145 per cent while Chinese retaliatory duties on US imports imposed since April 2 will fall to 10 per cent from 125 per cent, the two countries announced on Monday.

The announcement also sent the US dollar up 1.2 per cent against a basket of its peers and Brent crude oil gained 3.2 per cent to $65.96 a barrel.

“These were earlier and larger concessions on tariffs than the market had been expecting,” said Chris Turner, global head of markets research at ING.

Consultancy Capital Economics calculated that, because of duties that predated Trump’s return to power, total US tariffs on China would come down to about 40 per cent after the agreement, while Chinese tariffs on the US would be about 25 per cent.

US Treasury secretary Scott Bessent has suggested US tariffs on Chinese goods will not be reduced any further following Washington’s interim deal with Beijing, as he held out the prospect that the duties could stabilise close to their current levels.

In an interview with Bloomberg, Bessent described the 90-day deal as a “pause” that brought Trump’s “reciprocal tariffs” on China down to 10 per cent.

“I’m not saying they are going to go up, but it would be implausible that they would go below 10 [per cent],” he said, arguing that such a level would mean “very little disruption”.

Washington is also keeping in place 20 per cent fentanyl tariffs on Chinese imports.

The consultancy Capital Economics calculated that, including duties that predated the US president’s return to power this year, US tariffs on Chinese goods will total about 40 per cent after the agreement, compared with levels of 145 per cent before.

Bessent said neither Washington nor Beijing wanted a “generalised decoupling” although the Trump administration sought “strategic decoupling” for industries such as semiconductors, medicines and steel.

Well, that didn’t take long. And there was me thinking that China’s resistance to being bounced into a deal — including the insistence that it was the US that had asked for talks — meant it had settled in for a long haul of negotiations. To be clear: the pact, agreed in suitably neutral Switzerland over the weekend, leaves US tariffs on China ludicrously high and asymmetrically so. But that the US was prepared to make a deal so quickly and reduce duties so much suggests more is to come.

Trump’s deals with China and the UK have one thing in common, which is — and please sit down if you’re prone to fainting — they’re not binding and they leave a huge amount of negotiation down the line. I know, right? In fact, it’s not 100 per cent clear what they mean now, especially the China deal.

A stab at overall tariffs, including an average for non-China emerging markets and advanced economies, is here, from the consultancy Oxford Economics.

This excerpt was taken from Alan’s Trade Secrets newsletter here

The 1.5 per cent rise in the dollar index on Monday puts it on track for one of its biggest daily gains in recent years and rivalling its 1.6 per cent jump on November 6 as Donald Trump’s election sparked a shortlived burst of economic optimism.

The latest move is unwinding some of the trade pessimism. “Markets are pretty much unwinding all the support to safe haven assets seen since ‘liberation day’,” said Pooja Kumra, a strategist at investment bank TD Securities. The Japanese yen and European government bond markets have “benefited most from safe haven flows”, she added.

Ten-year German Bund yields rose 0.07 percentage points at 2.63 per cent, as the price of the debt falls.

US Treasury secretary Scott Bessent said on Monday that “there was no discussion on currency” during trade talks with China over the weekend.

Total US tariffs on China will remain at about 40 per cent under the ceasefire while Chinese tariffs on the US would be about 25 per cent, Capital Economics calculated.

The research company’s figures took into account exemptions as well as any tariffs that were in place before this phase of the trade war.

“This is a substantial de-escalation,” Capital Economics said. “However, the US still has much higher tariffs on China than on other countries and still appears to be trying to rally other countries to introduce restrictions of their own on trade with China.

“In these circumstances, there is no guarantee that the 90-day truce will give way to a lasting ceasefire.”

Relief in Silicon Valley at the latest US-China deal pushed tech stocks higher ahead of the market open in New York.

Apple and Nvidia — whose chips, smartphones and AI servers are deeply reliant on the Chinese electronics supply chain — are up 6 per cent and 5 per cent, respectively.

Amazon, which sources many of its marketplace’s products from China, climbed almost 8 per cent in pre-market trading. Meta and Arm are also up 7 per cent, with chipmaker Broadcom rising 6 per cent.

Maersk, the Danish container shipping giant, described the US-China deal as a “step in the right direction”.

“We hope it can lay the foundation for the parties to also reach a permanent deal that can create the long-term predictability our customers need,” the company said in a statement on Monday.

It added: “Right now, our customers have got 90 days of clarity with reduced tariffs, and we are working hard to help them make the best use of this window.”

Traders have trimmed their bets on US interest rate cuts as the prospect of better news on trade improves the outlook for the world’s biggest economy.

Two quarter-point rate cuts are priced in for the rest of the year, according to levels implied by futures markets, but the probability of a third has fallen from roughly 75 per cent at the end of last week, to about 30 per cent.

“The high US-China tariff regime has already caused major disruption, reducing bilateral trade between the world’s two largest economies and increasing the risk of a broader global slowdown,” said Fidelity International’s Stuart Rumble.

“While neither economy is currently near a breaking point, a meaningful reduction in overall tariffs helps ease that risk.”

The European Chamber of Commerce in China has said that while it was “encouraged” by the US-China deal, “uncertainty remains”.

The chamber, which has long advocated for China to reduce its trade surpluses by stimulating domestic demand, said it remained cautious in part because the reduction in the tariffs was still temporary but also because “of the erratic nature in which these tariffs were implemented in the first place”.

It added that it hoped both sides would “avoid taking measures that will disrupt global trade and result in collateral damage for those caught in the crossfire”.

The US-China tariff agreement has taken some of the heat out of currencies that had acted as havens during the recent dollar sell-off.

The Swiss franc has weakened 1.3 per cent to SFr0.842 per dollar, while the Japanese yen has slumped 1.7 per cent past 147 to the dollar.

Switzerland’s two-year government bonds, which have been trading in negative territory in recent days as traders bet on rate cuts to arrest the currency’s rise, rose close to zero in intraday trading. They are currently up 0.07 percentage points on the day at minus 0.04 per cent.

The 90-day slashing of tariffs between the US and China provides “breathing space” for negotiations but may not allow enough time for a detailed trade deal to be hammered out between the world’s two largest economies, JPMorgan told the Financial Times.

“Whether that’s enough to kick-start investment or to bring back that growth momentum — I think we need a little bit more time,” said Tai Hui, Apac chief market strategist at JPMorgan Asset Management.

Hui added there was still a lack of clarity on the Trump administration’s ultimate goal for trade negotiations.

“The 90 days may not be enough to get a detailed deal done,” said Hui, who added that “international diversification [from US equities] makes sense” for investors.

Government bond yields are climbing as the US-China trade pact prompts investors to shun haven assets.

The yield on the 10-year US Treasury was up 0.08 percentage points at 4.45 per cent in London trading on Monday.

Tomasz Wieladek, chief European economist at asset manager T Rowe Price, said that the significant rollback of tariffs showed investors that Donald Trump would bow to pressure from investors.

“Today’s policy actions suggest that the ‘Trump put’ is back in place,” he added.

European stocks exposed to global trade are surging, with Maersk up 12 per cent, leading the region-wide Stoxx Europe 600 index. Exporters are also jumping, with sports brand Puma and luxury goods maker Burberry both up 6 per cent.

In pre-market trading on Wall Street, Nvidia rose 4.5 per cent and Nike, another global brand exposed to global trade disruption, climbed 5 per cent. Apple rose 6.5 per cent.

International banks are also gaining, with Standard Chartered’s stock up 6 per cent in London, and Goldman Sachs poised to open 3 per cent higher when US trading gets under way.

Some fund managers are less convinced that the tariff deal is entirely good news for the financial markets.

“I suspect this will turn out like the UK deal, a climbdown . . . but to a worse endpoint than the markets expected in February,” said Trevor Greetham, head of multi-asset at Royal London Asset Management.

It could be “another trade deal that worsens trade”, he added.

The dollar has risen sharply, climbing 1 .2 per cent against a basket of its major peers, providing some relief to a currency that has been hit in recent months by fears over the domestic economic impact of the US-led trade war.

The euro, which has been a major beneficiary of recent dollar weakness, is down 1.3 per cent on the day at $1.110 as traders reposition for lower trade tensions.

Bessent said the talks led to Beijing understanding “for the first time the magnitude” of the fentanyl crisis in the US and the role of “bad Chinese actors”.

“What we have seenis substantial interaction between bad Chinese actors and many North American drug dealers, especially Mexican cartels,” Bessent said.

He noted what he called China’s “draconian measures” against drug use in China, adding “we have asked them to be equally draconian with the people who are poisoning Americans”.

The tariff reductions were larger than markets had anticipated, according to Chris Turner, an analyst at ING.

“These were earlier and larger concessions on tariffs than the market had been expecting, hence the decent rally in risk assets and the dollar,” he said.

“Certainly it’s an important step in terms of de-escalation, but it’s too early to say the trade war is ending.”

Tai Hui, Apac chief market strategist at JP Morgan Asset Management,said the “larger than expected” size of the tariff cut “reflects both sides recognising the economic reality that tariffs will hit global growth and negotiation is a better option going forward”.

US Treasury secretary Scott Bessent said the US and China “showed a great respect” during the trade talks and each side “represented their national interests very well”.

“We concluded that we have shared interest and we both have an interest in balanced trade, the US will continue to move towards that,” he said during a press conference announcing the 90-day pause on Monday.

Scott Bessent says President Trump blames previous US leaders for the country’s trade deficit.

“I echo part of what Trump says. He doesn’t blame other countries for taking advantage of the situationwhen they were allowed to do it, he blames previous US leaders.”

US trade representative Jamieson Greer said the tariffs between the US and China had come down to an effective rate of 30 per cent during the 90-day pause.

“Right now effective it’s 30 per cent” he said, with both sides’ tariffs coming down by 125 percentage points.

“What matters is that we each agreed to come down on the reciprocal tariff,” he added.

US Treasury secretary Scott Bessent added that the new figures did not include sector specific tariffs.

US Treasury secretary Scott Bessent said currency negotiations did not take place during trade talks with China over the weekend.

“There was no discussion on currency,” Bessent said during the press conference in Geneva.

Prices for oil jumped on signs of easing tensions between the US and China over trade.

Brent crude futures, the international benchmark, rose 3.3 per cent to $66.03 per barrel.

West Texas Intermediate, the US benchmark, gained 3.5 per cent to $63.16 a barrel.

The Pakistan Stock Exchange recorded an 8.8 per cent climb on Monday, forcing a temporary halt in trading as investor confidence rose on news of the Pakistan-India ceasefire holding and the IMF greenlighting another $2.4bn tranche of lending.

The country’s benchmark KSE-100 index on Monday gained 9,475 points, the highest day-on-day increase in points, according to Arif Habib, a Karachi brokerage, reversing most of the losses incurred by the outbreak of the worst conflict between India and Pakistan in at least two decades.

Donald Trump’s promise to “substantially” increase trade with Pakistan, which he stated in a post on Truth Social praising the ceasefire agreement, also probably buoyed stocks, said Sana Tawfik, an AHL analyst.

Market expectations on the US-China trade deal were “very positive”, an asset manager at BNP Paribas told the Financial Times.

“The number one thing is likely the US may cut the total tariff rate to 45 per cent,” said Wei Li, head of multi-asset investments for China at the French bank. “If the tariffs are still higher than 45 per cent investors may be disappointed.”

Li added that potential progress on negotiations between Ukraine and Russia was contributing to risk-on sentiment in markets.

Asian pharmaceutical stocks dropped on Monday after US President Donald Trump said he would cut drug prices “almost immediately”.

Trump said that at 9am on Monday in Washington he would “be signing one of the most consequential Executive Orders in our Country’s history. Prescription Drug and Pharmaceutical prices will be REDUCED, almost immediately, by 30% to 80%.”

Shares in Samsung Biologics, SK Biopharmaceuticals and BeiGene dropped 4 per cent, 2.5 per cent and 7.9 per cent respectively. In India, Sun Pharma fell more than 5 per cent to lead losses on the benchmark Nifty 50 index.

Trump said drug prices would “rise throughout the World in order to equalize and . . . bring FAIRNESS TO AMERICA!”

Iron ore futures climbed on Monday morning amid signs of progress on US-China trade talks.

Dalian iron ore futures for June climbed 2 per cent to Rmb756 ($104.45) per tonne.

The Singapore Exchange June iron ore future rose 1.6 per cent to $98.50 per tonne.

Tariffs between the US and China will probably come down by half in the coming weeks, says Moody’s, as the economic fallout from the trade war intensifies for both sides.

“[The] pain is becoming apparent,” said Harry Murphy Cruise, head of China and Australia economics for Moody’s Analytics in Canberra.

Cruise said the weekend talks were “more of a stop-gap measure to take tariffs from silly levels” and he expected more “substantive” negotiations over the next couple of months.

Details of the weekend negotiations will be announced at 9am in Geneva on Monday. Markets will be looking for “concrete steps” from the talks, said Cruise.

Gold sold off in Asian morning trading on Monday after progress was reported between the US and China during weekend trade talks.

Bullion fell 1.8 per cent to $3,265 per troy ounce following meetings between US Treasury secretary Scott Bessent and Chinese vice-premier He Lifeng in Geneva over the weekend.

Gold prices have been hitting record highs this year amid geopolitical and global economic uncertainty.

The US dollar and Chinese renminbi strengthened on Monday morning after high-level trade talks over the weekend between the world’s two largest economies.

The dollar strengthened 0.3 per cent against a basket of its peers while the renminbi edged up 0.1 per cent to Rmb7.23 per dollar.

The Swiss franc and Japanese yen, both haven currencies, weakened 0.4 per cent and 0.5 per cent, respectively.

Chinese equities rose on Monday, with both Hong Kong and mainland China’s benchmark indices registering gains during early trading.

Hong Kong’s benchmark Hang Seng index climbed 0.8 per cent while China’s CSI 300 rose 0.6 per cent.

In Hong Kong, companies with global supply chains and export markets rose, with power tool manufacturer Techtronic Industries rallying 4.2 per cent and BYD Electronic gaining 4.4 per cent.