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    Global Markets Dip as Traders Gauge Fallout From U.S. Strikes on Iran

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    Any disruption to traffic in the Strait of Hormuz would have significant economic effects, especially for Asian nations dependent on oil from the Middle East.Stocks edged lower and oil prices climbed in Monday trading in Asia, reflecting investor concern over potential economic fallout from the U.S. strikes on three Iranian nuclear facilities over the weekend.Futures contracts for the S&P 500, indicating how the index might perform when markets open in New York, slipped by about 0.3 percent. The price of West Texas Intermediate, the benchmark for U.S. crude, gained roughly 3 percent. Gold, a traditional safe-haven asset, also rose.Markets in Asia, the first to open after the strikes in Iran, were down. Stocks in Taipei, Taiwan, fell more than 1 percent. Benchmark indexes in Japan, Hong Kong and South Korea also dipped.Traders were waiting for clearer indications of whether there would be an escalation in conflicts in the Middle East — particularly any moves by Iran to disrupt shipping through the Strait of Hormuz.The Strait of Hormuz is a critical transit point for global oil supplies. Last year, about 20 million barrels of oil were shipped through the waterway each day, representing about 20 percent of the world’s total supply. Most of that oil was bound for Asia.Places like Japan and Taiwan rely on the Middle East for almost all of their crude oil imports, meaning that any disruption to traffic through the strait could inflict a large economic blow. China is the largest purchaser of Iranian oil.Oil prices, hovering around $76 a barrel, are expected to enter the $80 range, but if the risk of Iran blocking the Strait of Hormuz is seen as increasing, they will rise even further, said Takahide Kiuchi, executive economist at Nomura Research Institute. In that case, “the Japanese economy could be exposed to downside risks that exceed those of the Trump tariffs,” he said.Other analysts expect fallout from the U.S. strikes to be relatively short-lived.The oil market is better equipped to respond to shocks than it has been in the past because of spare capacity held by exporters, according to Daniel Hynes, a senior commodity strategist at ANZ Research. Geopolitical events involving producers can have a big impact on oil markets, but in recent years, prices have tended to quickly retreat as risks ease, Mr. Hynes said.Daniel Ives, an analyst at Wedbush Securities, said there could be more volatility in stock movements this week. But, he said, the market may view the Iran threat as “now gone.” In that case, he said, “the worst is now in the rearview mirror.”Joe Rennison More

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      in US Politics

      Hong Kong targets ‘top talent’ as Harvard faces international student ban

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      Hong Kong’s education bureau has called on the city’s universities to “attract top talent” by opening their doors to those affected by the Trump administration’s attempt to ban Harvard from enrolling international students.Last week the Trump administration revoked Harvard’s Student and Exchange Visitor Program certification, effectively banning the university from accepting foreign students. A US federal judge on Friday temporarily blocked the government from enforcing the ban, which would have reportedly forced students currently enrolled and not graduating this year to transfer to another institution or lose their legal status and visa.Harvard has launched legal action, but it has done little to assuage concerns among students thrown into limbo. Experts have warned the US the ban could be a boon for foreign institutions looking to attract talent.On Monday Hong Kong’s education bureau said it had “promptly called on all universities in Hong Kong to introduce facilitation measures for those eligible with a view to safeguarding the legitimate rights and interests of students and scholars, and to attract top talent”.The Hong Kong Science and Technology University announced on Friday an open invitation to any affected foreign students, offering a place to those forced to leave Harvard as well as those with confirmed offers.“The university will provide unconditional offers, streamlined admission procedures, and academic support to facilitate a seamless transition for interested students,” it said.Hong Kong is home to five of the world’s top 100 universities, according to the Times Higher Education World University Rankings, however in recent years they have been made to integrate national security and patriotic themes into studies, after China’s ruling Communist party tightened its grip on the semi-autonomous city.More than 2,000 students from Asia are currently enrolled at Harvard, with an unknown number accepted and waiting to start.“A lot of people in east Asia have some sort of fantasy and feel the prestige of Harvard,” said Taiwanese student Chu, who asked that his real name not be published.Chu was expecting to start a Masters in Science in August, and has already paid about $3,000 in visa and accommodation fees, and deferred his hospital residency for a year“I either stick with Harvard or I just go back to my residency training,” he said. “There’s no other alternative I have.”In a lawsuit filed against the Trump administrations attempted ban, Harvard said the move would immediately blunt its competitiveness in attracting the world’s top students.“In our interconnected global economy, a university that cannot welcome students from all corners of the world is at a competitive disadvantage”, it said, adding foreign students were “a key factor” in the college maintaining its standing in academia.The vast majority of Harvard’s foreign students – about 1,200 currently studying – are from China. On China’s Xiao Hong Shu app, a Chinese masters student from Sichuan, said she had given talks to campus classmates about unequal access to education in her home country.“As a fresh graduate studying abroad in the US for the first time, I’ve overcome a lot to get here,” she said. “But when the hammer came down today, it was the first time I truly realised just how small I am.”A spokesperson for China’s ministry of foreign affairs, Mao Ning, said on Friday that China “opposed the politicisation of educational cooperation”, and warned the move would “harm the image and international standing of the United States”.On the social media platform Weibo, a series of related hashtags, including “Trump is destroying Harvard”, saw more than 200 million interactions, including many viewing it as the latest skirmish between the US and China. Among the reasons cited by the Trump administration for revoking Harvard’s program was an accusation that it fostered “coordinating with the Chinese Communist party on its campus”.Additional research by Jason Tzu Kuan Lu and Lillian Yang More

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      in Elections

      Hong Kong Suspends Packages to the U.S., Wading Into the Trump Trade War

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      The move comes before President Trump’s planned imposition of new tariffs on small packages sent to the United States from Hong Kong and China.Wading into the trade war, Hong Kong said on Wednesday that its postal service will no longer send packages to the United States.It is the city’s first move in a spiraling tit-for-tat trade war between China and the United States that is reordering global shipping routes.President Trump this month ordered the closure of a loophole that allowed retailers to send clothes and goods from China and Hong Kong, a special administrative region, to the United States without having to pay tariffs. After that change takes effect on May 2, United States Customs and Border agents will begin to collect previously exempted tariffs on shipments worth less $800.Hongkong Post said it would immediately stop accepting surface postal items containing goods to the United States. It said it was taking the action in response to President Trump’s tariffs.“The U.S. is unreasonable, bullying and imposing tariffs abusively,” the postal service said in a statement posted to the Hong Kong government’s website.The postal service said it would contact senders who posted packages with goods that have not yet been shipped, to return the packages and refund their postage.“The public in Hong Kong should be prepared to pay exorbitant and unreasonable fees due to the U.S.’s unreasonable and bullying acts,” it said. More

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      in Elections

      Stocks Jump in Asia After Trump’s Tariff Reprieve

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      Markets in Japan, South Korea and Taiwan soar after the U.S. president pauses punishing tariffs. Gains in mainland China were modest as trade hostilities heat up between Washington and Beijing.Following President Trump’s decision to pause punishing tariffs on dozens of countries, markets in Asia reacted predictably: Stocks soared in the countries that were spared.In early trading on Thursday, benchmark indexes rose more than 9 percent in Taiwan, 8 percent in Japan and 5 percent in South Korea. All three Asian economies were among the U.S. trading partners given a 90-day reprieve from Mr. Trump’s so-called reciprocal tariffs.While the U.S. allies won’t immediately face the 24 percent to 32 percent tariffs the Trump Administration had previously threatened, they will still be subject to a lower rate of 10 percent. That comes on top of 25 percent tariffs that Mr. Trump has imposed on goods including cars — a particular sore point for big auto exporters Japan and South Korea.In the United States, the reversal by Mr. Trump on Wednesday sparked the biggest one-day rally of the S&P 500 since October 2008, when stocks soared as investors anticipated central bank rate cuts in the wake of the global financial crisis.Huge Gains and Losses in One WeekModest gains or losses are the most common outcomes on S&P 500 trading days. But since last Thursday the index has had two steep drops and one of its biggest gains since 2000. More

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      in Elections

      Asian Markets Slide as Global Sell-Off Continues

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      Fears over the future health of the global economy are continuing to rattle markets around the world, as investors grapple with the reality of tariffs and fresh signs that consumers are pulling back on spending.After the S&P 500 suffered its worst day of the year on Monday, the sell-off continued into Asia trading on Tuesday.Asian markets opened mostly lower, with Japan’s Nikkei 225 index falling about 2 percent, weighed down by big declines in Japanese technology stocks. Stock markets in South Korea and Taiwan also fell around 2 percent in early trading.Equity markets in China were faring slightly better. Shares in Shanghai and Shenzhen ticked lower, down around 0.2 percent in morning trading. Hong Kong was down less than 1 percent.Investors have become increasingly cautious about the U.S. stock market in recent weeks as President Trump has flip-flopped on tariffs, causing confusion and uncertainty.Growing unease about the inflationary effects of the tariffs, coupled with a broadly darkening mood about the economy, provided the catalyst for a sell-off in a market that investors have long worried was overvalued.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      in Elections

      Khalil Fong, Hong Kong Singer-Songwriter, Dies at 41

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      Singing in both Mandarin and English, he brought a soul and R&B sensibility to Chinese pop.Khalil Fong, a Hong Kong singer-songwriter who infused a soul and R&B sensibility into Chinese pop songs, died on Feb. 21. He was 41.His death was announced on Saturday by his record label, Fu Music. The announcement did not say where Mr. Fong had died or specify a cause of death, but it said he had battled a “relentless illness” for five years.Beloved for its soulful vocals and distinctive blend of soul and Mandarin pop, Mr. Fong’s music found an audience in Hong Kong, mainland China and much of the wider Chinese-speaking world.“Trying to introduce soul music, or soul R&B, was not the easiest thing,” he said in a 2016 interview with The South China Morning Post, noting that the genre was not widely embraced in the region. “One of the things I wanted to do was to introduce this type of music within the context of Chinese language.”He broke into the popular music scene in 2005, when Warner Music Hong Kong released his funky, syncopated debut album, “Soulboy.” In the following decade, he released eight albums and performed in stadiums and large concert halls around the world, wearing his signature thick black glasses.But Mr. Fong’s career was cut short by health problems, and in recent years he had largely retreated from the public eye. Inspiration never stopped flowing, however, and he sporadically released singles.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      in Elections

      Dozens of Hong Kong Pro-Democracy Leaders Sentenced in Mass Trial

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      The 45 defendants, including Joshua Wong, were at the forefront of the opposition movement crushed by Beijing. Many have already been in jail for years.A Hong Kong court on Tuesday sentenced 45 former politicians and activists in a mass trial that has decimated the city’s once vibrant pro-democracy opposition and served as a warning that resistance to Beijing can be costly.The landmark trial is the most forceful use of a national security law Beijing imposed on Hong Kong in 2020 in response to months of large protests against Chinese rule. The prosecution of the activists, the vanguard of Hong Kong’s opposition, has delivered what experts described as a knockout blow to hopes for democracy in the city.Their offense, according to the authorities: holding or taking part in an unofficial primary election.In one fell swoop in 2021, the authorities arrested Benny Tai, 60, a legal scholar and opposition strategist; Joshua Wong, 28, a prominent pro-democracy activist; and dozens of others, including veteran former lawmakers and younger politicians who called for self-determination for Hong Kong. Mr. Tai was sentenced on Tuesday to 10 years in prison. Several opposition politicians and activists, including Au Nok Hin, Andrew Chiu and Ben Chung, were handed terms of around six and seven years each. Mr. Wong was given a sentence of about four years and eight months.The trial made clear that any form of dissent or criticism, however moderate, carried significant risk, analysts said. “If you are being critical of the authorities both in Hong Kong and in China, then it’s open season,” Steve Tsang, a Hong Kong-born political scientist and director of the SOAS China Institute in London, said in an interview.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      in Elections

      Map: Tracking Tropical Storm Yagi

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      Yagi was a tropical storm in the South China Sea Tuesday morning Hong Kong time, the Joint Typhoon Warning Center said in its latest advisory. The tropical storm had sustained wind speeds of 46 miles per hour.  All times on the map are Hong Kong time. By The New York Times Where will it rain? […] More