Perfect storm

8 Aug 2019 By Katrina Hamlin Follow @KatrinaHamlin

Blockades and walkouts roiled the city this week. Investors have begun to show signs of anxiety: the benchmark index has given up 2019 gains, though other troubles have hardly helped. Beijing may not mind if protests squeeze business. There will be more disruption to price in.

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Hong Kong’s equities benchmark, the Hang Seng Composite Index, has gained 0.4% year-to-date as of market close on Aug. 7. The S&P 500 gained 15% in the same period, while China’s CSI 300 rose 20.3%.

Police fired tear gas at protesters in multiple parts of Hong Kong on Aug. 5 after a general strike hit transport and retail outlets.

In an address on the same day, the city’s chief executive Carrie Lam said the territory’s prosperity was at risk, and warned of an “extremely dangerous situation”. She refused to meet any of the protesters’ demands.

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