LONDON MARKETS: Hong Kong Protests Hit London Markets

Date : 08/12/2019 @ 12:16PM
Source : Dow Jones News
Stock : FTSE 100 Index (UKX)
Quote : 7349.28  41.58 (0.57%) @ 8:58AM
FTSE 100 share price Chart

LONDON MARKETS: Hong Kong Protests Hit London Markets

Hsbc (LSE:HSBA)
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By Dave Morris

London markets were dragged down by protests in Hong Kong impacting the shares of British banks doing business there.

How did markets perform?

The U.K.'s FTSE 100 index sank as Hong Kong's airport protests drove major banks including HSBC PLC (HSBA.LN) and Standard Chartered PLC (STAN.LN) sharply downward.

The pound rebounded slightly from a disastrous few sessions, with traders taking stock of last week's dramatic moves lower.

What's moving the markets?

Pro-democracy protesters in Hong Kong shut down the city's airport (http://www.marketwatch.com/story/hong-kong-airport-cancels-flights-as-demonstrators-pour-in-2019-08-12), and clashed with police after the 10th consecutive weekend of disruption. Protesters filled the terminals Monday, expanding a smaller sit-down protest that has run since Friday.

U.S. President Donald Trump continued firing Twitter salvos in the country's trade dispute with China on Saturday. Trump said China badly wanted to make a deal with the U.S., and that they may want to wait to see if a Democrat wins the election in 2020 "so they can continue the great ripoff of America". The tweets cast doubt over whether talks scheduled to be held in September would take place.

Which stocks are active?

Tullow Oil PLC (TLW.LN) shares leapt when it released a statement Monday morning announcing the oil it had discovered in an exploration well off Guyana had exceeded its forecast.

NMC Health (NMC.LN) shares continued to fall despite reaffirming its full-year earnings guidance in a statement last week, saying business was still in line with its previous views.

 

(END) Dow Jones Newswires

August 12, 2019 08:01 ET (12:01 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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