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In an interview with CNBC, Hong Kong (HK) Commerce Secretary Edward Yau said that the mounting US-China tensions are ‘unhelpful’ for HK

Hong Kong’s growth slowed to an “unprecedented” 9% decline in the second quarter, Yau added.  

He said that they will take the matter up with the US when asked about the US announcement that goods made in HK and exported to the US to be labeled as made in China.

Market reaction

The market mood remains mixed starting out the European session, with the US dollar on the back foot alongside the yields.

Risk currencies such as the Antipodeans, the GBP are benefiting from the positive start on the European markets. The above headlines have little to no impact, at the moment.