Five Things You Need to Know to Start Your Day
Get up to speed with what’s moving the markets.
(Bloomberg) --
A general strike in Hong Kong, trade tensions and another tanker seized in the Gulf. Here are some of the things people in markets are talking about.
Hong Kong Strike
Hong Kong’s protesters are looking to shut down the city with a general strike today, and well over 100 flights to and from the financial hub have already been cancelled. Beijing won't sit by and let the disruption in Hong Kong go on, according to a Xinhua commentary published on Sunday. It didn't specify what steps China might take. The warning didn't immediately affect behavior in the city, where clashes continued into the evening, with police firing tear gas to disperse protesters blocking roads in Causeway Bay. Follow our live blog for updates throughout the day.
HSBC CEO Steps Down
HSBC Holdings Plc Chief Executive Officer John Flint is stepping down after less than two years on the job, and will be replaced for now by Noel Quinn. The lender didn’t give a reason for Flint’s departure. Flint, 51, joined HSBC in 1989 and took over as CEO in February 2018. Quinn, 57, is currently head of global commercial banking at the London-based bank. The bank will now begin a search for a permanent replacement, including internal and external candidates.
Iran Seizure
Iran’s Revolutionary Guards seized another foreign oil tanker. The vessel — the third seized by the Guards in the Persian Gulf since July 14 — is suspected of smuggling a large volume of fuel, according to Tehran. Iraq denied a report that it owned the ship. The move is likely to compound concerns about the safety of shipping in a region crucial to oil exports.
Election Speculation
Speculation is building that U.K. Prime Minister Boris Johnson is getting ready to call a snap election. He pledged $2.2 billion for Britain's hospitals, the sort of promise that ruling political parties tend to resort to when they're plotting for an election campaign. Meanwhile, with Johnson committed to taking the U.K. out of Europe by Oct. 31, here’s the plan to avert banking chaos if there’s a no-deal Brexit.
Market Watch
Asian stocks are set to remain under pressure Monday as investors fretted over President Donald Trump’s escalation of the trade war with China. Futures pointed lower in Japan and Hong Kong, which will in focus as protesters looked to shut down the city with a general strike on Monday. China’s yuan will also be closely watched after it tumbled to the weakest since November. The yen was little changed in early trading.
What we've been reading:
- Trump says “hate has no place” in U.S. after two mass killings.
- Australia’s central bank is keeping the door open to further rate cuts.
- Mexico to announce legal actions to protect Mexicans in U.S.
- It's not just the Fed and Trump that trouble the stock market.
- The Philippines’ “Iron Lady” is ready to fight Duterte’s alcohol tax.
- Putin’s pledge to ditch the dollar is slowly becoming a reality.
- Buffett steers clear of buying stocks; Berkshire’s cash pile hits a record.
To contact the editor responsible for this story: Alyssa McDonald at amcdonald61@bloomberg.net
©2019 Bloomberg L.P.