HONG KONG, May 29 — Equities mostly fell today after Donald Trump called a news conference for later in the day to outline his response to China’s plan to crack down on Hong Kong, which many fear could further increase tensions between the superpowers. The losses were being tempered, however,...
Investors look at computer screens showing stock information at a brokerage house in Shanghai, China January 16, 2020. — Reuters pic
The retreat tracked a negative day on Wall Street, which suffered a late sell-off after Trump said he would make a statement on Beijing’s controversial security plan for the semi-autonomous financial hub. Relations between Washington and Beijing have deteriorated since the outbreak of the virus, which has killed more than 100,000 Americans, with Trump laying the blame at China’s door.
He said traders were eyeing losses of around seven per cent for US markets, the amount they fell during last year’s standoff. However, Shanghai edged up and Manila rallied 4.8 per cent as the Philippines prepares to ease a lockdown in the capital and allow local flights to resume, despite a spike in daily new cases. There were also gains in Wellington and Jakarta.While there is a lot of nervousness, traders are drawing support from some parts of the world gradually returning to a semblance of normality as death and infection rates of coronavirus ease.
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