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You can find the current article at its original source at https://www.theguardian.com/business/live/2019/dec/30/hong-kong-recession-protests-markets-nikkei-ftse-business-live
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| Hong Kong recession to continue as protests hit economy - business live | Hong Kong recession to continue as protests hit economy - business live |
| (32 minutes later) | |
| Rolling coverage of the latest economic and financial news | Rolling coverage of the latest economic and financial news |
| Thousands of protesters have taken to the streets in Hong Kong in recent days, as the pro-democracy action enter their seventh month. | |
| These latest demonstrations will have deterred some consumers from hitting the shops, hurting retail spending and helping to keep the economy in recession. | |
| The Financial Times has a piece about how Hong Kong retailers have suffered a bad Christmas period: | |
| Just in: Hong Kong’s imports and exports have both fallen, as its recession dampens demand for goods and services. | |
| The Census and Statistics Department has reported that imports slumped by 5.8% year-on-year in November, while exports declined by 1.4%. | |
| Hong Kong’s recession is hitting its financial sector workers hard. | Hong Kong’s recession is hitting its financial sector workers hard. |
| The city’s bankers and stockbrokers are expecting to receive their smallest bonuses and pay rises since the financial crisis. | The city’s bankers and stockbrokers are expecting to receive their smallest bonuses and pay rises since the financial crisis. |
| This is due to the impact of the pro-democracy protests and the knock-on effect of the trade war between the US and China. | This is due to the impact of the pro-democracy protests and the knock-on effect of the trade war between the US and China. |
| The South China Post reports that bonus pots could be the shallowest in 10 years. | The South China Post reports that bonus pots could be the shallowest in 10 years. |
| Hong Kong’s administration is expected to take fresh measures to support growth in 2020. | Hong Kong’s administration is expected to take fresh measures to support growth in 2020. |
| Alongside his recession warning, Paul Chan says that his budget, due in February, will include measures for: | Alongside his recession warning, Paul Chan says that his budget, due in February, will include measures for: |
| Hong Kong’s chief secretary, Matthew Cheung, has also warned that the City faces “tough tests and challenges in 2020”. | Hong Kong’s chief secretary, Matthew Cheung, has also warned that the City faces “tough tests and challenges in 2020”. |
| In his own blogpost, Cheung wrote: | In his own blogpost, Cheung wrote: |
| Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. | Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. |
| The final week of the year is a time for taking stock, and looking ahead. But for Hong Kong, that means bracing for a longer downturn. | The final week of the year is a time for taking stock, and looking ahead. But for Hong Kong, that means bracing for a longer downturn. |
| The city’s finance chief has warned that the economy has contracted in the last quarter of 2019, dragging it even deeper into recession. | The city’s finance chief has warned that the economy has contracted in the last quarter of 2019, dragging it even deeper into recession. |
| Finance Secretary Paul Chan said the protests that have gripped Hong Kong for months – and become increasingly violent – has hurt its economy badly. | Finance Secretary Paul Chan said the protests that have gripped Hong Kong for months – and become increasingly violent – has hurt its economy badly. |
| In a blog post, Chan warned: | In a blog post, Chan warned: |
| Hong Kong officially slumped into recession in the third quarter of this year, with GDP contracting by an alarming 3.2% in July-September. Retail spending has suffered a major contraction, as the sight of demonstrators clashing with riot police has deterred tourists from visiting. | Hong Kong officially slumped into recession in the third quarter of this year, with GDP contracting by an alarming 3.2% in July-September. Retail spending has suffered a major contraction, as the sight of demonstrators clashing with riot police has deterred tourists from visiting. |
| This has had a knock-on impact on companies across the world, from airlines such as Cathay Pacific to Europe’s luxury goods producers. | This has had a knock-on impact on companies across the world, from airlines such as Cathay Pacific to Europe’s luxury goods producers. |
| Visitor arrivals from China fell a record 46% in October to slightly more than 2.5 million, less than half of the record set in January. The most recent data for retail sales in Hong Kong showed a 24.3% plunge, the biggest ever, according to Gulf News. | Visitor arrivals from China fell a record 46% in October to slightly more than 2.5 million, less than half of the record set in January. The most recent data for retail sales in Hong Kong showed a 24.3% plunge, the biggest ever, according to Gulf News. |
| Chan says this downturn has a serious impact on the government’s finances: | Chan says this downturn has a serious impact on the government’s finances: |
| The protests have dropped out of the headlines recently, after the authorities ended a siege at Hong Kong Polytechnic University. But the pro-democracy movement hasn’t gone away; thousands took part in a protest yesterday. | The protests have dropped out of the headlines recently, after the authorities ended a siege at Hong Kong Polytechnic University. But the pro-democracy movement hasn’t gone away; thousands took part in a protest yesterday. |
| The movement plans to begin the new year with a large demonstration on Wednesday, renewing their demands for an amnesty for arrested protesters, an independent inquiry into alleged police brutality, and complete universal suffrage for the City. | The movement plans to begin the new year with a large demonstration on Wednesday, renewing their demands for an amnesty for arrested protesters, an independent inquiry into alleged police brutality, and complete universal suffrage for the City. |
| Also coming up today | Also coming up today |
| The economic calendar is pretty bare, beyond some UK mortgage approvals figures and US trade data. | The economic calendar is pretty bare, beyond some UK mortgage approvals figures and US trade data. |
| European stock markets are expected to dip a little this morning, with the FTSE 100 dipping by 13 points or 0.2% in early trading. | European stock markets are expected to dip a little this morning, with the FTSE 100 dipping by 13 points or 0.2% in early trading. |
| The agenda | The agenda |
| 9.30am GMT: UK home loan approvals data for November: expected to dip to 41200, from 41219 | 9.30am GMT: UK home loan approvals data for November: expected to dip to 41200, from 41219 |
| 1.30pm GMT: US trade balance for November; expected to widen to -$68.8bn, from -$66.5bn | 1.30pm GMT: US trade balance for November; expected to widen to -$68.8bn, from -$66.5bn |