Ongoing civil unrest in Hong Kong is the biggest geopolitical threat to global markets, an economist told CNBC.
The U.S. and China have been negotiating a "phase one" trade deal since October, which is intended to be a pathway to a more comprehensive agreement that would end the months-long trade war between the world's two largest economies. Markets have experienced months of volatility amid mixed signals around tariff escalations and positive Sino-U.S. trade talks.
"So far the behavior of China in Hong Kong suggests that Beijing is clearly aware of the risk, and judging by events so far, Beijing still has the priority of safeguarding its own economy from the fallout of a prolonged trade war," he explained.
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