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

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

Nicholas Spiro

Nicholas Spiro is a partner at Lauressa Advisory, a specialist London-based real estate and macroeconomic advisory firm. He is an expert on advanced and emerging economies and a regular commentator on financial and macro-political developments.