(6 Aug 2024)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
Hong Kong – 6 August 2024
1. Various of Hong Kong stock exchange market exterior and Hang Seng Index billboard
2. Various of Gary Ng, Hong Kong stock analyst and Asia Pacific Senior Economist of Natixis CIB, using computer
3. SOUNDBITE (English) Gary Ng, Hong Kong stock analyst, Asia Pacific Senior Economist of Natixis CIB:
“The higher you fly, the bigger you fall. And of course the rebound will probably follow the same way as well. So we do see a very sharp rebound in Asia, in Japan today. There’s also some recovery in some of the tech market, which has encountered severe losses in the past few days, such as Taiwan and South Korea. However whether this is stable, it will still depend on upcoming economic data points.”
4. Various of Hang Seng Index billboard
5. SOUNDBITE (English) Gary Ng, Hong Kong stock analyst, Asia Pacific Senior Economist of Natixis CIB:
“At this juncture it’s still a bit hard to conclude that the sell-off is fully over, investors are still very sensitive to any negative news that may come in the upcoming days. And even though that the US recession risk may be largely exaggerated, however there are still other types of uncertainties around the world, for example the geopolitical situation in the Middle East. So yes I think the market will likely to stay volatile.”
6. Wide of Hong Kong CBD
STORYLINE:
Hong Kong’s Hang Seng Index was among the Asian markets that bounced back on Tuesday, following a previous day of crashes.
Monday started with a plunge abroad reminiscent of 1987 ’s crash that swept the globe and pummelled Wall Street with more steep losses, as fears worsened about a slowing U.S. economy.
Gary Ng, a Hong Kong stock analyst and Asia Pacific Senior Economist of Natixis CIB said Tuesday that a "sharp rebound" was seen around Asian markets.
He added that uncertainties could still rise despite the "largely exaggerated" US recession risk.
"There are still other types of uncertainties around the world, for example the geopolitical situation in the Middle East. So yes I think the market will likely to stay volatile,” Ng added.
Japan’s benchmark Nikkei 225 index soared nearly 11% early Tuesday, a day after it set markets tumbling in Europe and on Wall Street. Other markets in Asia also rebounded, but more moderately, appearing to settle somewhat after the rollercoaster ride that started the week.
AP Video shot by Katie Tam
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