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Michael Kern

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Michael Kern is a newswriter and editor at conil.me, Oilprice.com, and a writer at Crypto Insider. Michael has several years of experience covering cryptocurrencies, and…

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Hong Kong Stock Market Surges Past Japan

Hong Kong

Hong Kong has climbed above Japan to become the world's third-largest stock market, behind only the U.S. and China.

The benchmark Hang Seng Index has grown by 17 percent since the start of the year, adding $937 billion to the market cap for equities trading in the city, compared to $371 billion for Japan.

Expectations that China's economic slump will bottom out before the start of the second half of 2019 have assisted in raising its stock exchange, still the most significant in Asia, following last year's exceptional drop.

The last time the Hong Kong market was higher than Japan's was almost four years ago.

China remains ahead of the rest of the region, the most significant equity market in Asia with a market cap of $7.6 trillion, while the United States still holds the leading spot globally, with a market cap of an impressive $31.3 trillion.

Web giant Tencent Holdings Ltd. has actually been the main chauffeur of Hong Kong's increase with a 22 percent gain this year.

Hong Kong market benefits from trade deal optimism

Trump stated recently that an offer was more than likely "four weeks" away but the conversations began previously this year to end the nine-month trade war, the fish line has consistently been pushed back.

Regardless, China and the U.S. have traversed another milestone, with the two sides agreeing on a system to police any agreement, including new enforcement offices, triggering optimism in world markets, including Hong Kong. Related: Big Banks Face Off Against Congress

The enforcement scheme and the team behind it have been a considerable difficulty to conquer, with China fretted that policing of its management by United States authorities would be an infraction of sovereignty.

The arrangement, nevertheless, will similarly permit China to keep track of U.S. practices, a mutual recognition which authorities stated exposed decision from both sides to reach a trade offer.

U.S. Treasury Secretary Steven Mnuchin stated, “We’ve pretty much agreed on an enforcement mechanism, we’ve agreed that both sides will establish enforcement offices that will deal with the ongoing matters.”

China and the United States have entered what has in fact been described as the last stage of concentrated negotiations to reach a settlement.

By Michael Kern for conil.me

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