China warns of ‘double-edged sword’ if US withdraws Hong Kong’s special US status
People stand in front of an electronic board showing a China stocks advertisement outside a brokerage in Tokyo, Japan. Picture: REUTERS/TORU HANAI
US President Donald Trump, who has vowed a tough response, said he will hold a news conference on China later on Friday. Trepidation about a further deterioration in Sino-US relations sent stocks lower and put investors on edge. “If it’s at the relatively mild end, then I don’t think it would derail the recovery bull market, but if it’s at the more extreme end with tariffs and harsh treatment of Hong Kong, then I think it gets more problematic,” Oliver said.
The S&P 500 is up 4% for the month and is on track for its best May since 2009. The rally in the risk-sensitive Aussie dollar is slowing, but the currency has gained nearly 2% for the month and sits 20% above March lows. “As we have said about the reopening and ensuing recovery, this is a process,” said RBC Capital Markets’ chief US economist, Tom Porcelli. “And right now the process is moving along in the right direction.”
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