Unrest in Hong Kong puts pressure on global equities

Protests over Beijing’s proposed laws take their toll on shares, offsetting optimism about the reopening of the world economyThe New York Stock Exchange on May 26 2020 at Wall Street in New York City, the US. Picture: AFP/JOHANNES EISELEUnrest in Hong Kong over Beijing’s proposed national security laws weighed on global shares and oil prices on Wednesday, offsetting optimism about the reopening of the world economy.

MSCI’s index of the world’s 49 stock markets was flat but still close to two-and-a-half-month highs reached on the hope of economic recovery in the developed world as countries ease social restrictions. “You have two elements going in the right direction. You have the end of lockdown going quite well and PMI [purchasing managers index] data showing the ability of economies to recover in the second half of the year is still there,” said Francois Savary, chief investment officer at Swiss wealth manager Prime Partners.

But China remained in focus after US President Donald Trump said on Tuesday that he was preparing to take action against China this week over its effort to impose national security laws on Hong Kong.

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