Asian stock markets were mixed Wednesday as U.S.-Chinese tension over Hong Kong competed with optimism about recovery from the coronavirus pandemic.
Benchmarks in Shanghai and Hong Kong retreated after the White House said a proposed national security law might jeopardize the Chinese territory’s status as a global financial center.
The Hang Seng index in Hong Kong tumbled 0.7% to 23,223.43 and the Shanghai Composite Index lost 0.2% to 2,840.89. The Nikkei 225 in Tokyo recovered from early losses to gain 0.7% at 21,418.31. “Mounting U.S.-China tensions bodes ominous for the global economy amid pandemic fragilities,” said Mizuho Bank in a report.