Tokyo — Hong Kong shares tumbled on Friday after Beijing moved to impose a new security law on the city after 2019’s pro-democracy unrest, risking fresh protests and further straining fast-deteriorating US-China ties.
Earlier in May, the US state department delayed a report to Congress assessing whether Hong Kong enjoys sufficient autonomy from China to continue receiving special treatment from the US. US stock futures erased early gains to stand flat though they were up 3.3% so far on the week, supported by hopes of economic reopening in many parts of the world as coronavirus lockdowns are relaxed.
Markets were little fazed by China’s announcement that it would not set an economic growth target this year for the first time in decades and its pledge of more government support for the virus-hit economy at the start of the annual parliament meeting, which had been widely expected.
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