Hong Kong’s $530 Billion Stock Rally Buckles as Protests Worsen
- Police now says one protester was shot and wounded Monday
- Recession impact expected to filter into company earnings
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Hong Kong stocks fell the most since early August as protests escalated after police shot and wounded a protester on Monday morning.
The Hang Seng Index dropped 2.6%, with local landlords plummeting. Police fired tear gas in the center of the business district to disperse chanting office workers who were blocking roads. Signs that optimism over a potential U.S.-China trade deal has been overdone added to the bearish sentiment. The MSCI Hong Kong Index slumped 2.9% and the local dollar weakened.