WALL STREET FEELING THE RIPPLES OF HONG KONG TROUBLES
Sept 30 2014, 11.50am GMT
The trouble in the streets of Hong Kong has been turning the world’s attention for the last week. It is also having a ripple effect on stocks across Asia and the U.S.
Hong Kong controls 5 per cent of the world’s trading at over 1 trillion dollars a year, so when banks’ doors close and protests grow, traders are insecure and the bearish activity on stocks over the world effects global indices. Hence at the close of U.S trading this morning, the DOW 30 had fallen by 0.25 per cent, the S&P 500 index fell by 0.25 per cent and the NASDAQ fell 0.14 per cent.
The benchmark for market volatility, the Volatility S&P 500 index, was up by 7.16 per cent.
October 1st is a National Day holiday to celebrate the founding of the People’s Republic of China, when authorities expect to see huge numbers of protesters on the streets of Hong Kong. They are calling for the right to democratically vote for the election of Hong Kong’s most powerful position, that of Chief Executive. Protesters say they will stay on the streets until Chinese authorities meet their demands.
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