China’s new law over Hong Kong has investors eying geopolitical tensions with trepidation as the US dismantles Hong Kong’s special statusTraders on the floor of the New York Stock Exchange. Picture: REUTERS
German retail sales rose sharply in May, reflecting a rebound in private consumption, while a recovery in China’s factory activity offered further signs that the world’s second largest economy may have passed the worst of the devastation caused by the pandemic. MSCI’s world shares index was 0.1% higher after rising 18% for its biggest three-month gain since 2009 in the second quarter, but it still closed the first half about 8% lower than the start of the year.
MSCI’s broadest index of Asia-Pacific shares excluding Japan rose 0.3%, led by gains in China. E-Mini futures for the S&P 500 were down 0.2%. It followed a strong finish to the quarter on Wall Street but also a loss of momentum in recent weeks as US infection rates have surged, with some states re-imposing restrictions on business and personal activity.
“The rise in Covid-19 infections is now triggering a reversal on the reopening strategy,” said Rodrigo Catril, senior forex strategist at National Australia Bank in Sydney. “It remains to be seen if the US economy will continue to surprise over the coming month.” The laws have prompted fresh protests in the city and Washington has begun dismantling Hong Kong’s special status under US law.
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