LONDON: European stock markets dropped on Monday (Aug 12) as escalating protests in Hong Kong forced the closure of the financial hub’s airport, adding geopolitical worries to ongoing trade war tensions. London, Frankfurt and Paris all closed lower after news of the shutdown spread, having reversed an early stronger trend. “Hong Kong has kind of been under the radar of most traders … but increasingly I feel that this has the potential to spiral into a bigger market worry. Today’s moves highlight the risks,” said Neil Wilson, chief analyst at traders Markets.com. All flights in and out of Hong Kong were cancelled late Monday after thousands of protesters flooded into the city’s airport to denounce police violence. The abrupt shutdown came as the Chinese government signalled its rising anger at the protesters, denouncing some of the violent demonstrations as “terrorism”. Hong Kong’s main shares index closed lower just as news of the shutdown emerged. Hong Kong airline Cathay Pacific meanwhile on Monday warned staff that they could be fired for supporting “illegal protests”, as the firm comes under pressure from Beijing. The carrier’s stock slumped more than four percent after Beijing imposed new rules banning airline staff involved in the… Read full this story
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