Hong Kong – a view from the (Admiralty) bridge

Civil disobedience in Hong Kong is a challenging problem for Beijing.  Democracy campaigners are not willing to compromise, nor are the authorities. The risk of further miscalculation is high.  This backdrop reinforces pre-existing reasons (tightening US monetary policy and as a hedge to global long equity positions) to be short the Hang Seng, particularly property and bank stocks.

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