Hong Kong Shuts Stock Market, Schools as Super Typhoon Nears

📆 01/09/2023 10:54:00
📰 YahooFinanceCA

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(Bloomberg) -- Hong Kong is bracing for what may be the strongest storm to hit the city in at least five years as Super Typhoon Saola heads straight toward the financial hub.Most Read from BloombergHong Kong Shuts Down City Before Super Typhoon Saola HitsFake Spare Parts Were Supplied to Fix Top-Selling Jet EngineEurope's Biggest Oil Company Quietly Shelves a Radical Plan to Shrink Its Carbon FootprintPutin Moves to Seize Control of Wagner’s Mercenary EmpireUBS Flags Cost Cuts After $29 Billion

The local observatory issued the No. 8 storm signal, its third-highest warning, at 2:40 a.m. Friday and plans to keep it at that level for most of the day. That means Hong Kong’s $5 trillion stock market will be shut, schools won’t open and most public transportation will be grounded. Many flights will be canceled.

“This can be a very destructive typhoon,” the chief secretary said Thursday, flanked by heads of various government departments. “We hope to minimize the damage.” Hong Kong is typically affected by about six typhoons annually, usually from June to October, but only a fraction of those result in market or school closures. The last time was in July because of typhoon Talim.

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Hong Kong Shuts Stock Market, Schools as Super Typhoon NearsHong Kong is bracing for what may be the strongest storm to hit the city in at least five years as Super Typhoon Saola heads straight toward the financial hub.
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