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TechnologyHong Kong Stocks Retreat Further as Protest Fallout Deepens

12:57  13 august  2019
12:57  13 august  2019 Source:   msn.com

Vancouver activists vow to keep fighting after Hong Kong suspends extradition bill

Vancouver activists vow to keep fighting after Hong Kong suspends extradition bill Protesters gathered once again outside the Chinese consulate in Vancouver to call on the government to toss out the controversial proposal.

Hong Kong ’s deepening political crisis now risks becoming an economic one. Hong Kong ’s Next Crisis May Be Economic as Protest Fallout Grows. By. Stock -index futures extended declines in late trading on Monday after Hong Kong ’s airport authorities canceled all remaining flights for the day

PROTESTERS continue to bring Hong Kong to a standstill as demonstrators protest a controversial extradition Facing deafening calls to resign, Ms Lam retreated for a fortnight. On August 5, her first address in two weeks Car rams Hong Kong protesters as flights are cancelled and riots rage on.

Hong Kong Stocks Retreat Further as Protest Fallout Deepens© Bloomberg Hong Kong Goes on Strike After Weekend Protests (Bloomberg) -- Hong Kong’s stocks fell for a third day as protesters again gathered at the city’s airport, highlighting the economic fallout from weeks of anti-government demonstrations that show no sign of easing.

The Hang Seng Index closed down 2.1%. The city’s international airport faced a fifth straight day of protests, after a mass sit-in by demonstrators caused it to halt service on Monday. Hong Kong’s embattled leader Carrie Lam warned that the Asian financial center risked sliding into “an abyss,” in a contentious news conference in which she continued to sidestep key questions about the government’s response to weeks of unrest.

Hong Kong supporters rally outside China's consulate in Vancouver

Hong Kong supporters rally outside China's consulate in Vancouver Pro-democracy activists rallied Saturday outside China’s consulate in Vancouver to oppose an unpopular extradition bill and condemn the Hong Kong police force’s use of violence against protesters. More than 1,500 people crowded the sidewalk outside the Granville Street building, stretching down the block from Marpole Avenue to Angus Drive. They raised clenched fists and called for Hong Kong to let the bill die, hours after the government announced the bill had been suspended after six days of international protest. Some protesters carried signs with slogans such as “No extradition to China” and “Support HK citizens, police brutality is wrong.

A series of sit-in street protests , often called the Umbrella Revolution (雨傘革命) and sometimes used interchangeably with Umbrella Movement (雨傘運動), or Occupy Movement (佔領行動)

The chief executive of Hong Kong has apologized to the nation after thousands of residents rallied in a massive city protest despite the government’s suspension of the proposed extradition bill. READ MORE: Scuffles as 10,000s of protesters march in Hong Kong to oppose extradition bill (PHOTOS).

Demonstrators push a barricade in North Point, Hong Kong on Aug. 5.

The Hang Seng Properties Index fell 2.3% and entered a technical bear market, having fallen more than 20% from an April peak. Cathay Pacific Airways Ltd, which on Monday tumbled to its lowest levels in a decade after after China’s aviation regulator barred staff who had taken part in demonstrations from flying to the mainland, fell 2.6%. In a research note, state-run Industrial & Commercial Bank of China Ltd. cut the stock to a "strong sell" and said the fallout from protests in Hong Kong would hurt the airline’s brand.

"The market is extending declines today and selling pressure is still very huge," said Linus Yip, First Shanghai Securities strategist. "Names that used to be defensive are falling, such as utilities, MTR Corp. and REITs, which shows investors are very cautious. We haven’t seen the bottom yet." MTR Corp., regarded as one of Hong Kong’s safest stocks before the protests began, fell 3.9%. Prada SpA tumbled 7.1%.

An open letter from Vancouver youth: Stand in solidarity with Hong Kong protesters against rising authoritarianism

An open letter from Vancouver youth: Stand in solidarity with Hong Kong protesters against rising authoritarianism Open Letter to Support the Democratic Movement in Hong Kong: We are immigrant settlers, people of colour, and queer and trans people of colour writing from the traditional, ancestral, and unceded territories of the Indigenous Coast Salish peoples. We are members of the Asian diaspora, which is a continual movement of generations of people from our ancestral homelands in Asia to the Indigenous lands that we now inhabit. Living on the unceded land of Indigenous people means that we are participants in a process of colonialism, which grants us the privilege of freedom of speech, at the cost of the violent displacement of Indigenous people from their lands and the destruction

Hong Kong stocks advanced after the government suspended a controversial extradition bill that spurred some of the city’s biggest protests in decades. Geely Automobile Holdings Ltd. rose 1.3% after Citigroup Inc. said Chinese automaker stocks could get a boost from May sales data.

Police were also out in riot gear. Later the tensions boiled over as protesters tried to storm key government buildings demanding the bill be scrapped. The morning after the most violent protests Hong Kong has seen in decades, the scene outside the Legislative Council complex is quiet.

Black-clad protesters swarmed the airport Monday, causing the biggest disruption yet to the city since the unrest began in June, after a weekend of violence that saw police fire tear gas into a subway station and rubber bullets at close range. The Hang Seng China Enterprises Index of Chinese firms has lost more than 16% since its April high, not far from entering a technical bear market. The MSCI Hong Kong Index has fallen nearly 15% since a recent peak on July 19 and on Tuesday was poised to erase this year’s gain.

Hong Kong Stocks Retreat Further as Protest Fallout Deepens© Bloomberg Hong Kong stocks decouple from U.S. as protests intensify

Hong Kong’s next crisis may be economic as protest fallout grows

The threat from the trade war and weeks of local unrest is already showing in the property market, as well as tourist numbers, hotel occupancy and retail sales. A weak yuan is another cause for concern, as it will damp spending from mainland visitors and pressure earnings for firms that rely on China. Profits for members of the Hang Seng Index are forecast to drop the most since the global financial crisis this year, data compiled by Bloomberg show.

Vancouver protesters continue show of support for Hong Kong during G20

Vancouver protesters continue show of support for Hong Kong during G20 Demonstrators staged a silent stand-in downtown Vancouver Sunday to continue protesting a Chinese extradition bill in Hong Kong. The bill would have forced Hong Kong citizens to face criminal charges in mainland China, and was seen by many as a sign of the Chinese government’s growing influence. While Hong Kong Chief Executive Carrie Lam had suspended the bill amid massive protests, pro-democracy demonstrators continue to push for the bill’s permanent withdrawal and her resignation. Millions have rallied in recent weeks around the world including in Vancouver.

HONG KONG —A standoff over China’s encroachment on this city’s legal autonomy deepened , with hundreds of police firing tear gas and rubber bullets at protesters , as the financial center’s Beijing-backed government showed no signs of yielding during a second day of widespread demonstrations.

What are the Hong Kong protests about? Full story: thousands of protesters vow ‘no retreat ’. The protest was in response to proposed legislation that would allow people to be extradited from Hong Kong , which has been deeply unpopular due to fears that China would be able to use the laws to

“It looks like the situation will get worse,” said Airy Lau, investment director at Fair Capital Management Ltd. “Together with the higher global recession risk from U.S.-China friction, the Hang Seng Index is likely to have 5-10% more downside.”

Mainland investors have made the most of the slump in Hong Kong-listed equities, purchasing $4 billion of stocks through exchange links for 18 straight days. They bought a net $309 million worth of the city’s shares on Tuesday.

(An earlier version of this story corrected the direction of Swire Properties’ share price movement.)

--With assistance from Jeanny Yu.

To contact the reporters on this story: Sofia Horta e Costa in Hong Kong at [email protected];Ken Wang in Beijing at [email protected]

To contact the editors responsible for this story: Richard Frost at [email protected], David Watkins, Magdalene Fung

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

Cathay Pacific shares plunge after China warning on protests.
Shares in Hong Kong's flagship carrier Cathay Pacific plunged more than four percent on Monday, after Beijing banned airline staff supporting Hong Kong protesters from flights going through the mainland. Cathay shares lost 4.37 percent to HK$9.85 by the break in Hong Kong, with the carrier's parent company Swire Pacific Ltd. plunging 5.26 percent to HK$77.50. 

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