Chinese brokerages promise market support, firms set buybacks as trade war intensifies

Top Chinese brokerages have pledged to help steady domestic share prices in a concerted effort, the Shanghai bourse said, and scores of listed companies unveiled stock buying plans, as the local market reels from an escalating trade war. The Shanghai Stock Exchange said late on Tuesday it held a meeting with 10 brokerages to stress the importance of stabilising markets in the face of external shocks. The participants, including Citic Securities, Orient Securities and Industrial Securities, expressed optimism about China's growth prospects, and vowed to steady the market, it said in a statement.