Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Hong Kong's Hang Seng has its worst day in months as violence escalates

Hong Kong's Hang Seng has its worst day in months as violence escalates

Hong Kong stocks suffered their worst day in more than three months on Monday as long-running protests in the city saw escalating levels of violence.
The Hang Seng Index (HSI) dropped more than 2.6%, its worst single-day percentage decline since the beginning of August, according to Refinitiv data.

Monday's declines came on the heels of new and shocking levels of violence in the Asian financial hub. A traffic officer shot a 21-year-old protester and fired two more live rounds early in the day. The protester had surgery and is in critical condition, hospital authorities say.

Later, in another part of the city, a man who confronted a group of protesters was doused in a flammable liquid and set alight. The incident was captured in a graphic video seen by CNN.

Protests disrupted public transit throughout the city on Monday, as demonstrators blocked roadways and several subway lines experienced delays. Several months of protests have plunged Hong Kong into its first recession in a decade.

Monday's fall wiped out the Hang Seng's gains posted last week, when optimism over the prospects of a US-China trade deal lifted Asian markets.

The city's real estate stocks were hit particularly hard, with big property developers like Swire Pacific (SWRAY), Wharf Real Estate, Sun Hung Kai Properties (SUHJF) and New World Development (NDVLY) all dropping more than 4%.

While Hong Kong led losses in the region, other major Asian markets were all down Monday as investors also tried to make sense of the muddled state of US-China trade relations.

China's Shanghai Composite (SHCOMP) declined 1.8%. South Korea's Kospi (KOSPI) slumped 0.6%. Japan's Nikkei (N225) edged down 0.3%.

Monday was the first opportunity that markets in Asia had to respond to comments from US President Donald Trump, who said Friday in the United States that he has yet to agree to rolling back tariffs. That undercut a statement from China's Commerce Ministry that indicated a willingness to make such a concession as part of the first phase of a trade deal between the two countries.

"They'd like to have a rollback," Trump said. "I haven't agreed to anything. China would like to get somewhat of a rollback, not a complete rollback because they know I won't do it."

A day earlier, a spokesman for China's Ministry of Commerce told reporters that US and Chinese negotiators had discussed rolling back tariffs, saying the rollbacks could happen even before a "phase one" trade deal is signed.

Despite Trump's remarks, Wall Street ended last week at record highs.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
×