Stocks drop amid demonstrations in Hong Kong, a political shake-up in Argentina and global trade tensions
By Anna Isaac and Steven Russolillo Updated Aug. 13, 2019 5:19 am ET • Hong Kong’s benchmark stock index shed 2%• Gold rose 1% while U.S. Treasury yields slipped
Separately, Cathay Pacific CPCAY -5.56% shares fell another 3% after declining 4.9% on Monday, their steepest drop in three years. They slid after the Hong Kong airline threatened to fire staff for supporting the protests. Yields on European government bonds ticked lower across the board, a reflection of investor nerves over the economic outlook. The German benchmark 10-year bund yield fell to minus 0.610%, while the U.K. 10-year gilt rate slipped to 0.467%. Bond yields fall as prices rise.
Investors have been caught out by the worsening trade tensions, said Fahad Kamal, chief market strategist at Kleinwort Hambros, Société Générale ’s U.K. private bank.
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