Chinese stock markets closed lower on Tuesday as investors booked profits ahead of the closely watched meeting between US President Donald Trump and Chinese President Xi Jinping.
The Shanghai Composite fell 0.25% to close at 4,214, while the Shenzhen Component Index declined 0.47% to 15,825. Both indexes pulled back from recent multi-year highs.
Investors are closely watching the upcoming talks between the two leaders, hoping they will help maintain the fragile trade truce between the US and China. Discussions are also expected to cover the Iran conflict and Taiwan-related issues. President Trump is scheduled to arrive in Beijing on Wednesday evening, while China's President Xi is expected to visit the US later this year.
Market sentiment was also weighed down by fading hopes for progress in US-Iran peace negotiations. Trump said the ceasefire was on 'massive life support' after Tehran rejected a US-backed proposal aimed at ending the conflict.
Among major losers, Foxconn Industrial Internet fell 2.2%, Contemporary Amperex Technology dropped 3.33%, Weichai Power declined 2.48%, and Sungrow Power Supply lost 2.91%.
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