(5 Aug 2024)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
Hong Kong – 5 August 2024
1. Wide of Hong Kong stock exchange market exterior
2. Close of Hang Seng Index on 5 Aug 2024 morning
3. Wide of Hong Kong stock exchange market exterior
4. Close of Hang Seng Index on 5 Aug 2024 morning
5. Close of Hong Kong and China flags
6. Wide of Gary Ng, Hong Kong stock analysts, Asia Pacific Senior Economist of Natixis CIB
7. Mid of Gary Ng
8. Close of Gary Ng looking at laptop
9. SOUNDBITE (ENGLISH) Gary Ng, Hong Kong stock analysts, Asia Pacific Senior Economist of Natixis CIB:
"I would say the market is still pretty much worried about the potential US recession risk, and in Asia, there is indeed a trend of the sector rotation, so there’s a very clear, um, path that Japan is definitely the market being affected the most, but there are also other tech savvy markets such as South Korea and Taiwan, also suffer a bit of the lost after reaching the new high in the past few months. "
10. Tilt up Gary Ng using computer
11. Mid of Gary Ng looking at Nikkei
12. Close of Nikkei stocks on computer screen
13. SOUNDBITE (ENGLISH) Gary Ng, Hong Kong stock analysts, Asia Pacific Senior Economist of Natixis CIB
"There are two main factors driving the capitals towards the more risk adverse sentiment, the first is the worries on the US economy, especially after the poor unemployment data that were released last week. And second, this coupled with the rate hike in the Bank of Japan, which of course is a bit worrisome to some of the investors and pushing them to unwind some of the trade, so when you see such a big drop in the Japanese market at the US market that has no question about affecting some of the other related market in the region as well."
14. Wide of Hong Kong CBD
15. Close of pedestrians walking
16. Close of JP Morgan building in CBD
17. Top shot of Hong Kong skyline
STORYLINE:
Japan’s Nikkei 225 index plunged 7% as world markets tremble over risks to the US economy.
Japan’s benchmark Nikkei 225 stock index plunged 12.4% on Monday in the latest bout of sell-offs that are shaking world markets as investors fret over the state of the U.S. economy.
The Nikkei closed down 4,451.28 points at 31,458.42. The market’s broader TOPIX index fell 12.8% as selling picked up in the afternoon.
A report showing hiring by U.S. employers slowed last month by much more than expected has convulsed financial markets, vanquishing the euphoria that had taken the Nikkei to all-times highs of over 42,000 in recent weeks.
The Nikkei 225 dropped 5.8% on Friday, making this its worst two-day decline ever. Its worst single-day rout was a plunge of 3,836 points, or 14.9%, on a day dubbed “Black Monday” in October 1987. At one point, the benchmark sank as much as 13.4% on Monday.
AP Vieo by Katie Tam
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