Hong Kong suffers first recession in a decade – business live

Rolling coverage of the latest economic and financial news, as Hong Kong’s economy tumbles into recession

Earlier:

9.38am GMT

In another blow to Hong Kong – and the rest of the global economy – China apparently doesn’t believe it can agree a trade deal with Donald Trump.

Bloomberg has the story:

Chinese officials are casting doubts about reaching a comprehensive long-term trade deal with the U.S. even as the two sides get close to signing a “phase one” agreement, Bloomberg News reported.

In private conversations with visitors to Beijing and other interlocutors in recent weeks, Chinese officials have warned they won’t budge on the thorniest issues, according to people familiar with the matter. They remain concerned about President Donald Trump’s impulsive nature and the risk he may back out of even the limited deal both sides say they want to sign in the coming weeks.

spot where the China trade news crossed pic.twitter.com/ssoQ9UGwoJ

9.28am GMT

Hong Kong’s economy has also been hurt by the ongoing trade war between the US and China.

Hong Kong on Thursday confirmed it had plunged into its first recession since the global financial crisis as months of seething pro-democracy protests and the US-China trade war exact a heavy toll on the financial hub.

The semi-autonomous Chinese city has been upended by nearly five months of huge, often violent, pro-democracy demonstrations with little end in sight as Beijing and city leaders adopt a hardline approach.

Hong Kong has slid into a recession for the first time since the global financial crisis in the third quarter, advance estimates show. It’s largely due to on-going anti-government protests, and the protracted U.S.-China trade war. #HongKong #recession

Continue reading…Rolling coverage of the latest economic and financial news, as Hong Kong’s economy tumbles into recessionBreaking: Hong Kong in recessionGDP plunged by 3.2% in last quarterPro-democracy protests hit tourism and spendingEarlier:Introduction: Chinese factories suffer another contractionUS Federal Reserve cut interest rates last nightComing up: Eurozone GDP at 10am 9.38am GMTIn another blow to Hong Kong – and the rest of the global economy – China apparently doesn’t believe it can agree a trade deal with Donald Trump.Bloomberg has the story:Chinese officials are casting doubts about reaching a comprehensive long-term trade deal with the U.S. even as the two sides get close to signing a “phase one” agreement, Bloomberg News reported.In private conversations with visitors to Beijing and other interlocutors in recent weeks, Chinese officials have warned they won’t budge on the thorniest issues, according to people familiar with the matter. They remain concerned about President Donald Trump’s impulsive nature and the risk he may back out of even the limited deal both sides say they want to sign in the coming weeks.spot where the China trade news crossed pic.twitter.com/ssoQ9UGwoJ 9.28am GMTHong Kong’s economy has also been hurt by the ongoing trade war between the US and China.Hong Kong on Thursday confirmed it had plunged into its first recession since the global financial crisis as months of seething pro-democracy protests and the US-China trade war exact a heavy toll on the financial hub.The semi-autonomous Chinese city has been upended by nearly five months of huge, often violent, pro-democracy demonstrations with little end in sight as Beijing and city leaders adopt a hardline approach. Hong Kong has slid into a recession for the first time since the global financial crisis in the third quarter, advance estimates show. It’s largely due to on-going anti-government protests, and the protracted U.S.-China trade war. #HongKong #recession Continue reading…

Leave a Reply

Your email address will not be published. Required fields are marked *