Stocks rebound on relief at Trump's response to China over Hong Kong
Added 05-29-20 05:03:01pm EST - “A gauge of global equities rebounded and crude oil rose on Friday after U.S. President Donald Trump ordered an end to Washington's special treatment of Hong Kong, a move investors welcomed as unlikely to jeopardize a trade accord…” - Reuters.com
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NEW YORK (Reuters) - A gauge of global equities rebounded and crude oil rose on Friday after U.S. President Donald Trump ordered an end to Washington’s special treatment of Hong Kong, a move investors welcomed as unlikely to jeopardize a trade accord with China.
Trump said China broke its word over Hong Kong’s autonomy but did not mention any action that would undermine the Phase 1 trade deal that Washington and Beijing signed this year.
China’s parliament on Thursday passed new national security legislation for the city, casting doubt on its freedoms and its future as a finance hub.
U.S. stocks pared losses after Trump’s remarks and oil gained on hopes the dispute will not curb the economy’s nascent recovery from the coronavirus pandemic.
The Dow Jones Industrial Average .DJI fell 17.53 points, or 0.07%, to 25,383.11, the S&P 500 .SPX gained 14.58 points, or 0.48%, to 3,044.31 and the Nasdaq Composite .IXIC added 120.88 points, or 1.29%, to 9,489.87.[.N]
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COMMENTS VIA TWITTER
Stopping China and supporting the people of Hong Kong will take a global response. Canada has an opportunity to pla… https://t.co/r4ic1lpjyf
UK's post-Brexit foreign policy is shaping up. First the robust response to China's actions in Hong Kong (offering… https://t.co/Js4Gd8vIuS
China intends its new law to silence Hong Kong. The rest of the world should speak up https://t.co/04Og19UvVK via @bopinion
Hong Kong law imposed by China to spark Australia's 'safe haven' response https://t.co/xJ1EN4x25E
RT @IndoPac_Info: Trump aides consider targeting #HongKong dollar: report The move was among a number of measures discussed in response to…