Equities in Asia sink amid tensions in Hong Kong

Tuesday, 13. August 2019 08:27

Stocks took a downturn on Tuesday with continued tensions between protesters in Hong Kong, who are disrupting air traffic and demanding reforms and transparency, and the authorities in the autonomous territory and the government in Beijing. The unrest is building up uncertainty regarding the impact of the trade war with the United States as China is threatening to intervene.

The Shanghai Composite sunk 0.71% and the Shenzhen Composite lost 0.95% at 8:09 am CET. The Nikkei 225 declined 1.11% just before closing in Tokyo. The Hang Seng was down 1.93% in Hong Kong at 8:25 am CET. The Kospi stock index tumbled 0.8%. The dollar slipped only 0.04% to ¥105.2555 and traded marginally higher at 7.1043 offshore Chinese yuan. It strengthened 0.11% to 7.066 yuan after touching an 11-year high yesterday. The People's Bank of China set the midpoint rate today at 7.0326, again surprising to the downside but also once more weaker than one day before and above the psychological level of seven per dollar. Yesterday the currency closed at 7.0585.

Gold jumped 0.8% to trade at $1,523.5 per ounce. The Australian S&P/ASX 200 fell 0.25% for the day.

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