Hong Kong jolts Asia amid protests, oil hovers near five-month low

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Hong Kong jolts Asia amid protests, oil hovers near five-month low

On Thursday, the 13th of June, a stack of Asian shares had witnessed another session of pause of their latest winning streaks catalyzed by US-Mexico border deal and rekindled hope of a near-term resolution of Sino-US trade conflicts earlier this week, as the Hong Kong market had slipped for the second straight days in context of a massive street protests over an extradition bill that in effect, would allow Hong Kong to handover felons to Beijing.

Besides, crude oil price had again crushed on Thursday (June 13th) following reveal of a robust growth in US crude inventories alongside a lack of demand following lackluster China factory data. While optimism over a near-term resolution of Sino-US trade spat over the sidelines of a G20 meeting scheduled to take place later this month in Japan had already evaporated in the face of a battle of quotes between the leaders of world’s first- and second-largest economy, a chief global strategist at Daiwa Securities, Hirokazu Kabeya said, “There’s not even a plan of ministerial-level bilateral meetings ahead of the G20 summit.

You can’t expect any major agreement”. Quoting statistics, while this report was being prepared, June 13th, GMT. 08.09, MSCI’s broadest index of Asia Pacific shares outside Japan had slipped as much as 1 percent, while Hang Seng of Hong Kong had shed 1.5 percent after rounding off yesterday’s (June 11th) market deep in the reds, down by 1.7 percent.

Japan’s Nikkei shed 0.8 percent, while US Stock futures in Asia dipped 0.3 percent and the Bombay Stock exchange (BSE) had shrugged off 0.49 percent. So far, telecom sectors had been the best performing majors in Asia with a modest gain of 0.23 percent, while cyclical goods had been the worst-performing majors amid renewed trade tension following Trump’s latest tweet, where he had labelled his China tariff “tasty”, which had already whacked trillions of dollars from the global market and contributed to a contracted global economy.