Asia shares jolted by Hong Kong unrest, Argentine peso crash
LONDON - Share markets fell for a third straight day on Tuesday as fears about a drawn out global trade war, protests in Hong Kong and a crash in Argentina’s peso currency kept investors huddled in bonds, gold, and the Japanese yen for safety.
Hong Kong’s airport, the world’s busiest cargo hub, had reopened after protests closed it the previous day, but the mood remained febrile after weeks of increasingly violent demonstrations in the Chinese-ruled territory. “Yes, Argentina is a small economy. However, the last thing global markets want to see is another market-friendly government fall to populism and/or geopolitics,” said Rabobank strategist Michael Every.
Equivalent U.S. Treasury yields were straining for their lowest in almost three years, gold was pinned close to six-year highs and the yen was within a whisker of a seven-month peak versus the dollar. A state of “panic and chaos” now exists, the city’s embattled leader Carrie Lam said on Tuesday, defying fresh calls to quit.
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