A protester carries an American flag at Hong Kong Polytechnic University on November 20. Photo: AP
Nicholas Spiro
Opinion

Opinion

Macroscope by Nicholas Spiro

Hong Kong’s protests complicate already fraught trade war tensions, and the markets know it. So why are they so stable?

  • Looking not only at major stock indices, but also gauges of consumer worry, there is little indication of global turmoil
  • This shows how powerful even glimmers of hope are; still, uncertainty over tariffs needs to end to keep the rally going

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A protester carries an American flag at Hong Kong Polytechnic University on November 20. Photo: AP
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A staff member works at an engineering machinery company in Tangshan, in northern China’s Hebei province. Photo: Xinhua
Aidan Yao
Opinion

Opinion

Macroscope by Aidan Yao

However the trade war goes, China’s mixed growth numbers suggest authorities will continue intervening in its economy

  • Industrial production and infrastructure investment slipped, the trade war outlook is murky and consumer spending mixed
  • Therefore, look for Beijing to continue policy easing and to boost bonds for infrastructure spending early in 2020

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A staff member works at an engineering machinery company in Tangshan, in northern China’s Hebei province. Photo: Xinhua
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