Asian shares erased gains and the yuan languished on Thursday on growing worries China's planned security law for Hong Kong would spark a broader diplomatic confrontation with the United States.
TOKYO/NEW YORK - Asian shares erased gains and the yuan languished on Thursday on growing worries China’s planned security law for Hong Kong would spark a broader diplomatic confrontation with the United States.
Japan and Australia were both higher while European stock futures also defied the gloom with the pan-region Euro Stoxx 50 futures up 1.22%, German DAX futures rising 1.3% and FTSE futures climbing 1.34%. The proposal for new legislation is expected to be passed on Thursday by the National People’s Congress.Pompeo said overnight that China had undermined Hong Kong’s autonomy so fundamentally that the territory no longer warranted special treatment, a potentially big blow to the city’s status as a financial hub.
President Donald Trump said he will announce a response to China’s policies towards Hong Kong later this week.Australian shares rose to the highest in more than two months after the country’s central bank governor bolstered hopes for a quick economic rebound. Yields on 10-year U.S. Treasuries rose slightly to 0.6966%. Although 10-year yields are up from an all-time low of 0.4980% struck in March, they are still a whopping 120 basis points below highs seen in January.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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.
Read more »
Asian shares slip as new Hong Kong tensions riseAsian 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.
Read more »
Corona Capital: Lufthansa, Axa, Hong Kong cashConcise views on the pandemic’s corporate and financial fallout: Berlin has finally taken its fair pound of flesh from Lufthansa; Axa’s French restaurant payout is unappetising news for insurers; the virus prods Hongkongers into the age of the digital wallet, to HSBC’s benefit.
Read more »
Breakingviews - Corona Capital: Lufthansa, Axa, Hong Kong cashFrom Breakingviews: Berlin takes its fair pound of flesh from Lufthansa, and Axa’s French restaurant payout is unappetising news for insurers. Catch up with the latest financial insights here:
Read more »
Hong Kong leader says security law will not hurt freedom amid global alarmHong Kong leader Carrie Lam said on Tuesday Beijing's proposed national security law for the city, which has raised alarm in the global financial centre and abroad, would not trample on its cherished rights and freedoms.
Read more »