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Stocks Blog: China boosts liquidity, protesters set fire in heart of Hong Kong business district

Welcome to Monday, traders, our second week of September. The impact of protests on Hong Kong’s businesses and economy will continue to weigh on trading sentiment here. Overnight, a group of protesters set fire to the entrance of Central MTR station. Central, Wan Chai, Mong Kong and Prince Edward subway stations were closed, but were back open this morning. Meanwhile, on Friday, after China markets closed, the People’s Bank of China cut the cash reserve requirement for banks in the latest… Source link

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Even protesters use the services of ‘protest-resistant’ utilities stocks, making them a defensive investment option, analysts say

Fewer mainland tourists may come to Hong Kong to buy Chow Tai Fook’s 24-carat lucky piggy bracelets or Gucci handbags. Locals may stay home from dim sum restaurants, swanky malls and flat sales. But one thing is for sure: nearly all of us in this magnificent city reeling from months of demonstrations will shower, scan the internet and use electricity – including protesters.That explains why analysts are talking about Hong Kong-listed utilities as “protest-resistant” stocks.Some stocks have been… Source link

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With any luck, Hong Kong’s ninja protesters will hang up their masks and the summer of discontent will pass

For those of us confounded and stressed by the convolutions roiling the streets of Hong Kong over the past months, I offer one small but important source of comfort: Brexit. Hong Kong’s awesome street protests (I can think of no other city in the world whose compactness and excellent transport infrastructure would make it possible for so many hundreds of thousands of people to surge as fluidly across the length of the city as we are seeing daily in Hong Kong), its ninja demonstrators acting… Source link

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Stocks Blog: Will Hong Kong's surge be a one-day wonder as protesters dismiss city leader's olive branch?

Good day, traders — Whew — what an exciting afternoon Wednesday was! But analysts were quick to caution that Hong Kong leader Carrie Lam was only meeting one of the protesters’ demands and that the rocket that battered stocks took off on is likely to fizzle out.  We’ll be closely watching stocks of property companies and luxury retailers, as well as the MTR and Cathay Pacific, all of which have been caught up in protest fallout. Come back to us throughout the day for insights from leading… Source link

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Hong Kong’s banks say they have adequate cash to meet demand, even as calls circulate online for protesters to empty out ATMs

Hong Kong’s biggest banks said they have enough currency notes on hand to handle any extraordinary increase in demand for cash, as calls circulated online for protesters to empty out automated teller machines (ATMs) to disrupt the banking system in Asia’s financial hub. HSBC, the largest of the city’s three currency-issuing banks, said it “has sufficient supply of banknotes and is committed to supporting its customers and the smooth operation of the financial system in Hong Kong,” according to… Source link

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How Carrie Lam could end the Hong Kong turmoil in a single speech – with an amnesty for protesters and police, an independent inquiry and more social welfare

After skipping a press conference on Monday, Chief Executive Carrie Lam Cheng Yuet-ngor held a short one largely in Cantonese on Tuesday. It was an opportunity lost; she repeated previous mantras, as though the government has done no work despite being absent from public view. The government holds the solutions for peace in its hands but fiddles while Hong Kong continues to smoulder. No change from Government House means no change. Rich leaders blaming relatively impecunious protesters for… Source link

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BlackRock moves Hong Kong media forum after protesters alid siege to airport and disrupted traffic

BlackRock, the world’s biggest asset manager, has rescheduled its Asia Media Forum set for next month in Hong Kong as protesters disrupted operations at the city’s airport for a second consecutive day.The invitation-only forum, in which journalists meet global and regional executives from the company, was set to take place during the first week of September. It has now been rescheduled to February 2020, BlackRock said.“The power of this convening lies in the diverse range of perspectives… Source link

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Hong Kong’s property market takes its cue from the Hang Seng Index, not protesters

Hong Kong may be suffering its worst political crisis since the territory reverted to Chinese sovereignty 22 years ago, but the city’s house prices are hovering near their all-time high.While the Centa-City Leading Index, a gauge of secondary home values compiled by Hong Kong-based Centaline Property Agency, fell 0.3 per cent in the week ending July 7, it has risen a further 1.8 per cent since the anti-extradition bill protests erupted a month ago, taking the index’s gains since the beginning… Source link

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Stores close early, security heightened in Central as Hong Kong protesters clash with police

Dozens of retail stores closed their doors and some office workers were given the option to go home early in the Central area of Hong Kong Island as protesters blocked roads and clashed with police over a proposed extradition law on Wednesday.Security was also visibly heightened outside the offices of many financial companies after police fired tear gas to disperse protesters who surrounded Hong Kong’s legislative offices, evoking memories of the Occupy Central movement nearly five years ago… Source link

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