Many European companies, including those from the Czech Republic, say they are eyeing closer cooperation with Chinese firms in the development and promotion of brands amid the erection of trade barriers posed by the U.S. tariff abuse.
In an interview with China Central Television at the fifth China International Consumer Products Expo (CICPE) running on April 13-18 in south China's Hainan Province, Olga Kapalova, director of Krasna Duse, a Czech jewelry company, said that the brand of the company has benefited a lot from the event over the past few years, reaping cross-border business opportunities in the Chinese market.
"We are here the 5th year. I'm very happy that our brand is here. Our products are very popular here for Chinese customers. Our stand, you can look (see), is all the time full to the evening. On this expo [in] Hainan, exhibition is very good for us, because we want to promote our brand and go through Haikou to the China market,” she said.
Nancy Fan, Chinese regional sales director of C.O. Products s.r.o, a wholesales company based in the Czech Republic, said European enterprises are eyeing closer ties with Chinese firms amid the turmoil arising from the U.S. tariff abuse since April 2.
"Against the backdrop of China-U.S. trade frictions and increased tariffs, China-European business cooperation can be strengthened in many ways. For example, brands like Fromin can integrate with other brands, channels and resources of Chinese companies to jointly explore emerging markets. It can also combine the technological advantages of China and Europe, and take advantages of China's high-quality water sources to optimize products, so as to meet the demand of third-party markets for the supply of high-quality products," she said.
The fifth CICPE brought together exhibitors from 71 countries and regions, covering emerging sectors such as digital consumption, health products and green consumption.
Czech companies eye more cooperation with Chinese firms at Hainan Expo
U.S. stocks extended losses on Friday as an unexpectedly weak employment report and surging oil prices tied to the ongoing Middle East conflict heavily weighed on investor sentiment.
The Dow Jones Industrial Average fell 0.95 percent to 47,501.55. The S and P 500 sank 1.33 percent to 6,740.02. The Nasdaq Composite Index shed 1.59 percent to 22,387.68.
Nine of the 11 primary S and P 500 sectors ended in the red. The consumer discretionary and materials sectors led the laggards, dropping 1.96 percent and 1.89 percent, respectively. Consumer staples and energy managed slight gains, advancing 0.29 percent and 0.13 percent, respectively.
The February jobs report dealt a blow to market confidence, revealing that non-farm payrolls unexpectedly contracted by 92,000, widely missing market expectations of a 55,000-job addition. Consequently, the national unemployment rate rose to 4.4 percent.
While the weak data quashed notions of a stabilizing labor market, analysts suggested the Federal Reserve is unlikely to cut interest rates this month because the energy price shock poses a significant risk of reigniting inflation.
San Francisco Federal Reserve President Mary Daly noted in a media interview that the report commands attention, acknowledging that the labor market may be weaker than previously observed.
Global oil prices surpassed 90 U.S. dollars per barrel on Friday. Tanker traffic in the critical Strait of Hormuz has slowed to a near-standstill, raising concerns that Gulf exporters may soon be forced to halt production due to depleted storage capacity.
The broader market sell-off dragged down major technology shares, with the "Magnificent Seven" closing mostly lower. In earnings news, Marvell Technology soared 18.35 percent to pace the Nasdaq, while Gap dropped 14.41 percent.
Financial equities also faced pressure with BlackRock down 7.17 percent, marking its worst trading session since April 4. The steep decline followed the investment management firm's unprecedented decision to cap client withdrawals from one of its private credit funds, signaling potential growing stress within the broader credit markets.
U.S. stocks drop amid weak jobs data
