Hong Kong Current Affairs - 2019
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Hong Kong’s equity market has overtaken Japan to be the world’s third largest in value, behind only the U.S. and mainland China. This is due to the rebound witnessed in Hong Kong stocks after their worst year since 2011.
Hong Kong Equity Market
Hong Kong’s market cap was $5.78 trillion as of Tuesday and Japan’s market cap was $5.76 trillion. Hong Kong’s Hang Seng Index climbed 17 per cent this year through Tuesday. The main driver behind the climb was Internet giant Tencent Holdings Ltd. which has witnessed a 22 per cent gain. Japan’s Topix Index advanced 8.3 per cent this year.
As the IMG released the World Economic Outlook April 2019 report, both markets witnessed a slowdown. The Hang Seng Index slipped 0.1 per cent and the Topix fell 0.7 per cent.
Tags: China • Hang Seng Index • Hong Kong • Japan • Topix Index
The Economist Intelligence Unit has released the report of the Worldwide Cost of Living Survey 2019.
Findings of the Survey
- For the first time in its 30-year history, three cities have been accorded the title of the world’s most expensive city in the Worldwide Cost of Living Survey from The Economist Intelligence Unit.
- Singapore which top’s of the rankings for the sixth consecutive year is joined there by Hong Kong and Paris.
- Zurich in Switzerland stood at the fourth position followed by Japan’s Osaka which shared fifth place with Geneva, also in Switzerland.
- Seoul (South Korea), Copenhagen (Denmark) and New York (US) were jointly placed at the seventh spot.
- Los Angeles (US) along with Israel’s Tel Aviv was named the 10th most expensive city in the world.
- The cost of living in Chinese cities remains relatively stable, while Southeast Asian destinations were moving up the ranks.
- Weaker local currencies have pushed all five Australian and two New Zealand cities surveyed down in the ranking.
- While parts of Asia remain the most expensive places on Earth, Asian Cities also makes several appearances at the bottom of the list.
- World’s cheapest cities include Caracas (Venezuela), Damascus (Syria), Tashkent (Uzbekistan), Almaty (Kazakhstan), Karachi (Pakistan), Lagos (Nigeria), Buenos Aires (Argentina) as well as the three Indian cities of Bengaluru, Chennai and Delhi.
The Survey compares more than 400 individual prices across 160 products and services in cities around the world by keeping New York as the benchmark city.