FTSE: This is the fourth time since 2017 that this index has been capped at the 7600 area. Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

A general strike in Hong Kong today Flights cancelled and rail travel disrupted

Today’s general strike follows 8 consecutive weekends of violent demonstrations. Carrie Lam, the city-state’s chief executive, held a press conference for the first time since the 22nd July. Reuters reports that a stern- faced Lam, flanked by senior members of her administration, warned that ‘’these illegal acts that challenge our country’s sovereignty, and jeopardise ‘one country two systems’, will destroy the stability and prosperity of Hong Kong’’.

After just 18 months into his stint as CEO of banking giant HSBC, John Flint has stepped down – all too suddenly. Coinciding with the announcement of half-year financial results, the bank said his move was because the bank needed a change in personnel to address ‘’a challenging global environment’’. Mark Tucker, the first externally appointed chairman of the bank since 2017, remains in place. Shares in HSBC dipped 1.5 per cent in Hong Kong while the Hang Seng index is off 2.9 per cent (at the time of writing).

Financial Markets and Political Commentary
 

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