HONG KONG, Nov 28 — Asian markets mostly fell today as optimism over the China-US trade talks took a jolt after Donald Trump signed into law a bill supporting Hong Kong’s pro-democracy protests, prompting an angry response from Beijing. Global equities have been surging in recent weeks — with...
US President Donald Trump signed into law a bill supporting Hong Kong’s pro-democracy protests. — AFP file pic
Trump yesterday put his name to the Hong Kong Human Rights and Democracy Act, which requires the president to annually review the city’s favourable trade status and threatens to revoke it if the territory’s freedoms are quashed. Trump had seemed reluctant to sign the bill with the trade talks still ongoing, but with almost unanimous US congressional support for the measure, he had little political room to manoeuvre.
The signing, while not entirely surprising, spooked investors, who had been in an upbeat mood following a string of positive comments from both sides indicating the first part of a wider agreement was close. However, Sydney and Mumbai rose 0.2 per cent and Wellington added 0.8 per cent after data showed a pick-up in New Zealand business confidence.
However, China remains under pressure, and a top government adviser yesterday warned the economy could expand less than six per cent this year. The government had fixed a growth target of between six and 6.5 per cent for 2019.
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