Democratic tensions
Report Date: 25th November, 2019 The victory of pro-democracy candidates in the weekend’s Hong Kong (HK) district council elections creates another problem for US/China trade negotiators. While the lack of violence was welcome, the outcome drives a further wedge between the local authorities and the Hong Kongese — not to mention the US Congress. We are correspondingly negative on HK stocks but remain neutral on the HK dollar peg.
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