The Hong Kong PMI isn't a pretty picture
Protests are crippling the economy
The Hong Kong PMI for November from Markit was released earlier today and it doesn't paint a pretty picture. The survey of 400 firms across the economy fell to the worst levels since the survey was created in 2003.
The latest survey is "painting a picture of doom," IHS Markit said in the release.
Economists now see a 5% contraction in the economy in Q4.
Deeply unpopular leader Carrie Lam appeared to be on the verge of being ousted last month. Reports said she had offered to resign.
Yet Beijing insisted she stay. If she was removed, it would have sent a message to other parts of China that social unrest can bring political change elsewhere. That's a message that Beijing is desperate to crush.