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Asian shares slipped on Wednesday as investor concerns about rising tensions between the United States and China tempered optimism about a re-opening of the world economy.
Worsening relations between the world’s two biggest economies could further hobble global business activity, which is already under intense pressure due to the coronavirus pandemic. E-Mini futures for the S&P 500 ESc1 rose 0.
4%, reclaiming the 3,000 chart level. The index had cleared 3,000 points in Wall Street overnight before pulling back, as some traders returned to the New York Stock Exchange floor for the first time in two months. “The S&P 500 looked to be set to close above 3,000 until the late headline that the United States was considering a range of sanctions on Chinese officials and businesses should China go ahead with its legislation regarding Hong Kong,” analysts at the National Australia Bank said in a note.China’s plans to impose national security laws in Hong Kong have triggered the first big street unrest in the Asian financial hub since last year. Overnight, hundreds of riot police took up posts around Hong Kong’s legislature in anticipation of protests on Wednesday. Still, the index of world’s 49 stock markets .MIWD00000PUS stood near 2 1/2-month highs, having gained 2.6% so far this month on hopes of economic recovery in the developed world as countries ease social restrictions. Economic data published on Tuesday showed U.S. consumer confidence nudged up in May and new home sales beat expectations. “We have seen a clear sign of rising expectations in economic recovery. Now we are beginning to see evidence of various stimulus supporting the economy,” said Toshifumi Umezawa, strategist at Pictet. U.S. Treasury yields retreated from lows, with ten-year yields US10YT=RR at 0.692%, having risen about 4 basis points on Tuesday. Gold prices rebounded from losses as some investors played it safe, with spot gold XAU=unchanged at $1,710.9 per ounce. The retreat from risk led oil prices to give up earlier gains. U.S. West Texas Intermediate crude futures CLc1 were down 1.2% at $33.95 per barrel.
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Hong Kong legislature surrounded by riot police ahead of expected protestsHundreds of riot police took up posts around Hong Kong's legislature overnight, as protests were expected on Wednesday over a bill criminalising disrespect of China's national anthem and against plans by Beijing to impose national security laws.
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Asian stocks pull back as Hong Kong uncertainty weighsAsian shares shed some of their recent gains on Wednesday as investor concerns about rising tensions between the United States and China tempered optimism about a re-opening of the world economy.
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China expands scope of Hong Kong security legislationChina is reportedly expanding scope of draft national security legislation to include organisations as well as individuals, a move that is likely to exacerbate concerns over freedoms in the city
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China expands scope of Hong Kong security legislation: media reportsBeijing has expanded the scope of draft national security legislation to include organisations as well as individuals, media reported on Wednesday, a move that is likely to exacerbate concerns over freedoms in the financial hub.
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Riot police shield Hong Kong legislature as protests gather against anthem billHundreds of riot police took up posts around Hong Kong's legislature overnight, as protests were expected over a bill criminalizing disrespect of China's national anthem and against plans by Beijing to impose national security laws. More here:
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Police surround Hong Kong legislature before anthem debateThe debate over the bill also comes as China moves to enact a national security law for Hong Kong, aimed at forbidding secessionist and subversive activity, sparking fresh anti-government protests in the financial hub.
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