US/China tensions continue to bubble away, as tensions ratchet up overnight. China has approved the new Hong Kong security legislation, so don't be surprised if further vitriol is just around the corner. With Hong Kong's 'hub status' in the cross hairs, the HSI was the main under performer in the region this morning. Fahed Kunwar reminds us that for HSBC and StanChart who make c70% and 40% of profits from Hong Kong, this could be a serious hit to their franchise which is built upon Hong Kong's open markets.
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