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Hong Kong shares ease on China-U.S. rift, dollar firms

Added 05-25-20 03:03:01am EST - “Hong Kong shares extended losses and a gauge of Asian stocks was largely subdued on Monday, after China's move to impose a new security law on Hong Kong heightened concerns about the future stability of the city and global trade prospects.” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Hong Kong shares ease on China-U.S. rift, dollar firms”. Below is an excerpt from the article.

SYDNEY (Reuters) - Hong Kong shares extended losses and a gauge of Asian stocks was largely subdued on Monday, after China’s move to impose a new security law on Hong Kong heightened concerns about the future stability of the city and global trade prospects.

Hong Kong’s HSI index fell 0.4% after sinking 5.5% on Friday, when Beijing proposed the new security legislation that sparked protests across the island over the weekend.

The broader MSCI’s index of Asia-Pacific shares outside Japan was 0.3% higher on thin volume, with South Korea, Australia and New Zealand all trading higher.

“News flow has been pretty negative, particularly out of Beijing and Washington, but we might be seeing some inter-regional switching into those markets that are less likely to be affected by the dispute,” said Michael McCarthy, chief market strategist at CMC Markets.

“Having said that, with Singapore, the UK and the U.S. all on holiday, trading is thinner.”

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