Hong Kong investors say they are bullish about Trump presidency, survey shows

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Survey shows 70 per cent of Hongkongers believe Trump will be better for global economy than opponent Harris

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Yuke Xiein Beijing

Published: 4:30pm, 18 Nov 2024

Hong Kong investors believe Donald Trump’s election will “enhance the global economic climate,” even if his protectionist policies and tariffs increase tensions between China and the US, according to a survey.

According to the survey, published on Monday, 70 per cent of Hongkongers said they believe Trump’s presidency would be better for the global economy than Kamala Harris’s, despite the likelihood of greater US-China tensions and the potential effects on local economic growth.

The survey, led by MDRi, part of the UK legal advisory firm Mishcon de Reya Group, also found that Hong Kong investors are willing to increase their exposure to the US market on the back of “heightened optimism towards the global economy.”

At present, 58 per cent of the 500 Hong Kong-based investors surveyed said they put their funds in the local market, with the US ranking a close second at 19 per cent. After the election, 24 per cent of the respondents said they would invest more in the US.

Hong Kong’s stock market fluctuated sharply over the past week, with the Hang Seng Index dropping 6.3 per cent, after investors were disappointed by Beijing’s approval of a bond quota to resolve the hidden debt of local governments, while the prospect of higher tariffs loomed after Trump’s re-election.

Donald Trump in Florida earlier this month. Photo: Associated Press

The sentiment in Hong Kong stands in stark contrast to the mood in Singapore, where only half of the 500 respondents polled said they believe Trump will be good for the global economy.