Futures decline as security law kicks in

Business | Kevin Xu and Bloomberg 2 Jul 2020

The Hang Seng Index night futures fell 102 points to 24,145 yesterday morning, while US equity futures also declined yesterday night, and the Hong Kong dollar remained steady after the new national security law took effect.

Futures on the S&P 500 Index dipped 0.8 percent as of 7.41pm last night..

The Hong Kong dollar meanwhile was 7.7507 per US dollar as of 8.35pm.

The Hong Kong HS50 index futures at one point yesterday night traded around 160 points lower than the HSI's previous close of 24,427 points on Tuesday. The ADR Proportional Hang Seng Index was 24,348 yesterday morning, 79 points lower than the HSI's previous close

Meanwhile, spot gold hit its highest level since October 2012 at US$1,788.96 (HK$13,953.88) but saw little change by 8.05pm at US$1,779.95 per ounce. Uncertainty about the coronavirus, particularly in the US, which could put the brakes on an economic recovery, and the ultra-loose monetary policy of central banks are giving support to gold," said Commerzbank analyst Daniel Briesemann.

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