Search

    NEWS
    ECONOMY | Staff Reporter, Hong Kong
    Published: 17 May 12
    244 views


    Volatility to batter Hong Kong and other financial markets worldwide

    The wild ride taken by the Hang Seng isn’t over.

    Financial Secretary John Tsang expects fluctuations in Hong Kong and in global financial markets to continue since the Eurozone debt crisis remains unsettled.

    Tsang said the recent loss in Hong Kong shares was expected and warned investors to be vigilant. He said he included measures to alleviate the situation in his last budget as he anticipated the global economies would remain unstable.

    On May 16, the Hang Seng index posted its biggest loss in six months after Chinese media reported flat loan growth for the “Big Four” state-owned banks in the first two weeks of May.

    The news sparked fears about the decelerating Chinese economy This plus news of Greece’s failure to form a government and a three-day losing streak on Wall Street combined to unnerve investors.

    The Hang Seng Index ended down 3.2% at 19,259.83, the lowest close since Jan. 16 and its biggest drop in a day since Nov. 10 when it had fell 5.2%.
     



    Sign up for our newsletter

     

    Do you know more about this story? Contact us anonymously through this link.

    Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

    To get a media kit and information on advertising or sponsoring click here.

    Tags: John Tsang, Hong Kong, Hang Seng

    LATEST ECONOMY JOBS »
    • No jobs posted on this category.
      PRINT ISSUE »

      Subscribe Now
      Cash-flush tourists in HK

      188 views

      Is Central Hong Kong a ghost town in the making?

      310 views

      As goes Singapore, so goes Hong Kong?

      258 views

      MOST READ EXCLUSIVES

      Hong Kong’s 6 hot new restaurants in August

      Hong Kong’s 6 hot new restaurants in August

      Warm your belly with these top picks.

      by KRISANA GALLEZO
      5 Sep 2014 | 3539 views
       

      Hong Kong’s 5 hot new restaurants in September

      Hong Kong’s 5 hot new restaurants in September

      More international brands made their way into Hong Kong’s F&B industry.

      by KRISANA GALLEZO
      20 Oct 2014 | 1374 views

      Check out BASF’s new environment-friendly headquarters

      Check out BASF’s new environment-friendly headquarters

      The company cuts 50% of its electricity consumption every month through LED lighting.

      by KRISANA GALLEZO
      29 Sep 2014 | 1244 views
       

      Check out HK’s first dining-in-the-dark restaurant

      Check out HK’s first dining-in-the-dark restaurant

      Experience an actual blind date at the Alchemy in the Dark.

      by KRISANA GALLEZO
      10 Oct 2014 | 1211 views

      Take a tour at Hong Kong’s first modern French restaurant

      Take a tour at Hong Kong’s first modern French restaurant

      And, get to know the three-Michelin-starred Chef behind its creation.

      by KRISANA GALLEZO
      23 Sep 2014 | 958 views
       

      Here’s a 3D printing pen you can hold in your hand

      Here’s a 3D printing pen you can hold in your hand

      It’s a popular project which collected over US$2m from 26,457 backers during its 34-day crowdfunding campaign.

      by KRISANA GALLEZO
      26 Aug 2014 | 842 views

      The Langham Hong Kong completes US$30 million refurbishment

      The Langham Hong Kong completes US$30 million refurbishment

      Check out the new London-style suites and its award-winning Artesian Bar.

      by KRISANA GALLEZO
      27 Oct 2014 | 788 views
       

      Franck Muller opens a Maison for luxury and cravings

      Franck Muller opens a Maison for luxury and cravings

      Its flagship store in HK comes with two new gourmet restaurants.

      by KRISANA GALLEZO
      27 Aug 2014 | 730 views

      Here’s a Facebook-like neighborhood social network just for Hong Kong

      Here’s a Facebook-like neighborhood social network just for Hong Kong

      Do you want to make sure that the person you are sharing the lift with is a neighbor and not a stranger?

      by KRISANA GALLEZO
      3 Sep 2014 | 728 views
       

      Do you want to build a killer app?

      Do you want to build a killer app?

      Altitude Labs will make your ideas happen – Silicon Valley-style.

      by KRISANA GALLEZO
      9 Oct 2014 | 550 views

      Are you ready for Italian mania? Jamie’s Italian finally hits Hong Kong

      Are you ready for Italian mania? Jamie’s Italian finally hits Hong Kong

      The new outlet features a bold graffiti mural by the founder’s long-time pal.

      by KRISANA GALLEZO
      3 Nov 2014 | 515 views
       

      Having trouble finding the right gift? Call your BUTLUR

      Having trouble finding the right gift? Call your BUTLUR

      A former internationally ranked junior tennis player founded this company.

      by KRISANA GALLEZO
      11 Sep 2014 | 375 views
      close Don't Show Again

      STAY INFORMED! Get our free weekly newsletter