Asian shares mixed on jitters over Hong Kong protests

Cornelia Mascio
Giugno 14, 2019

The proposed legal changes have spooked investors, Stephen Innes of SPI-Asset Management said in a commentary, as it "could have far-reaching consequences for attracting overseas talent and does question the viability of Hong Kong as a leading financial hub, which of course is spooking property investors".

The Dow Jones Industrial Average rose 68.59 points, or 0.26%, to 26,073.42, the S&P 500 gained 8.17 points, or 0.28%, to 2,888.01, and the Nasdaq Composite added 34.43 points, or 0.44%, to 7,827.14.

The Hang Seng Index tumbled 1.73 percent, or 480.88 points, to 27,308.46. Australia's S&P ASX 200 was less than 0.1% lower at 6,542.40, even after the release of better-than-expected jobs data.

Bond yields fell in Asia.

The crowds overflowed onto a major downtown road as they overturned barriers and tussled with police, who used multiple rounds of tear gas and threatened to use more forceful measures if necessary.

They obstructed the flow of traffic and delayed a debate on a bill that would allow criminal suspects in Hong Kong to be sent for trial in mainland China. Streets and sidewalks were generally clear of obstructions Thursday with a heavy police presence, but students and civil rights activists pledged to keep protesting the legislation.

The US president repeated on Tuesday that he expects to hold a face-to-face meeting with his Chinese counterpart on Osaka and said Beijing wanted a deal "very badly". The Fed will cut rates in July.

USA markets had advanced for five straight days since the Federal Reserve signaled it is open to cutting interest rates, but weakened on Tuesday amid concerns that the US trade spat with China could be prolonged and hurt growth in the world's two biggest economies. It had closed nearly 4% lower at $51.14 per barrel on Wednesday, weighed by concerns over rising stockpiles and a spiraling trade dispute between the US and China. The Russell 2000 index of smaller company stocks edged up less than 0.1% to 1,519.79.

USA crude settled up 2.23% at $52.28 while Brent rose $1.14 to $61.31. Brent crude oil, the global standard, fell 7 cents to $59.90 per barrel. The contract lost $2.32 to $59.97 per barrel in the previous session.

The Japanese yen strengthened 0.08% versus the greenback to 108.44 per dollar, while sterling was last trading at $1.2683, down 0.02% on the day.

A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between USA dollar and South Korean won at the foreign exchange dealing room in Seoul, South Korea, Thursday, June 13, 2019.

A currency trader walks by the screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room in Seoul, South Korea, Thursday, June 13, 2019.

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