Signing of Hong Kong bill could sour US-China trade relations

Signing of Hong Kong bill could sour US-China trade relations

Signing of Hong Kong bill could sour US-China trade relations

The approval this week of a US congressional resolution expressing support for human rights in Hong Kong after months of increasingly violent political protests drew an angry response from China's foreign ministry.

With Hong Kong's Beijing-backed authorities refusing to enter into dialogue or make concessions, the territory's police pressure has been given broad powers to quell the protests.

Britain's FTSE 100 jumped 1.1% to 7,318.86, while the CAC 40 in France gained 0.3% to 5,897.60.

The Dow lost 54 points, while the S&P 500 shed 0.16% and the Nasdaq slipped 0.24%.

China has urged Trump not to sign the legislation, which passed both the U.S. House of Representatives and Senate nearly unanimously.

A White House spokesman declined to comment on whether the president meant to sign or veto the legislation.

Hong Kong stocks closed lower for a second day on Thursday, as a fresh row between Washington and Beijing over a US bill backing protesters stoked concerns that trade talks could hit a snag and delay the "phase one" deal.

Additionally, Justice Secretary Teresa Cheng Yeuk-wah, said Hong Kong Special Administrative Region will uphold the "one country, two systems" principle and will work to rebuild its image, during a press conference inside the Chinese embassy in London Wednesday.

Hong Kong's Hang Seng dropped 0.8% to 26,889.61.

Officials from Beijing had suggested that Chinese President Xi Jinping and Trump might sign a deal in early December.

President Donald Trump is expected to sign the bills into law, which is sure to anger China and jeopardise trade talks between the two economic giants.

The two global economies endeavored to strike a win-win situation for the Phase One trade deal ahead of looming USA tariffs due next month. "If they don't, that's it, OK?"

The U.S. and China have imposed tariffs on billions of dollars' worth of one another's goods since the start of 2018, battering financial markets and souring business and consumer sentiment.

The Principal Representative of the ICS China Liaison Office, Edward Liu, said: "I am proud to be playing a role in fostering positive relations between the ICS, the Government of China, the Government of Hong Kong SAR, the China Shipowners' Association, and the Hong Kong Shipowners Association".

USA stocks shook off a midday stumble to finish slightly higher Friday, though the modest rebound was not enough to keep the S&P 500 from breaking its longest stretch of weekly gains in two years.

A 12-year-old became the youngest protester to be convicted Thursday after pleading guilty to spraying graffiti outside a police station and subway exit last month, the South China Morning Post reported.

A news report suggested a "Phase 1" trade pact may not be completed this year as negotiators continue to wrestle over differences.

Despite the mostly down week, the major US stock indexes are on track for strong gains this year. Banks were hit by allegations by regulators that Westpac, a bank, is suspected of violating anti-money laundering laws.

India's Sensex was an outlier, gaining 0.8% to 40,791.29, while shares fell in Taiwan and most of Southeast Asia.

Benchmark crude oil picked up 11 cents to $55.46 per barrel in electronic trading on the New York Mercantile Exchange. The rise follows a 3.2% drop on Tuesday. Brent crude oil, the worldwide standard, was flat at $60.91 per barrel after dropping $1.53 overnight.

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