China stocks slip on tariffs, e-commerce warning

Chinese stock markets fell on Tuesday, with Canadian tariffs weighing on shares in electric vehicle and steel makers, while downbeat comments from PDD Holdings dragged down e-commerce shares.

** At the midday break, the Shanghai Composite index 000001 was down 0.36% at 2,845.37. ** China's blue-chip CSI300 index 3399300 was down 0.61%. ** Chinese H-shares listed in Hong Kong HSCEI fell 0.2% to 6,266.36, while the Hang Seng Index HSI was down 0.27% at 17,750.32.

** PDD Holdings PDD suffered a $40 billion wipeout overnight, after missing market estimates on revenue and warning of changing consumer demand and an uncertain environment.

** Alibaba BABA, down 4.7%, and JD.Com 89618, down 4.2%, were the two biggest losers in the Hong Kong benchmark index. Trip.com 9961 was the top gainer after posting a rise in profit.

** Canada, following the lead of the U.S. and European Union, said it would impose a 100% tariff on imports of Chinese electric vehicles and 25% on steel and aluminium.

** An index tracking China's EV-related stocks (.CSI930997) fell 0.9%, though automakers Great Wall 601633, BYD 002594 and Li Auto 2015 pared early losses. The CSI Steel Index (.CSI930606) fell 1%.

** Around the region, MSCI's Asia ex-Japan stock index (.MIAPJ0000PUS) was weaker by 0.45% while Japan's Nikkei index NI225 was up 0.09%. ** The yuan USDCNY was quoted at 7.1257 per U.S. dollar, 0.05% weaker than the previous close of 7.1218. ** So far this year, the Shanghai stock index is down 4.4% and the CSI300 has fallen 3.7%. The Hang Seng HSI is up 4.4%.