As super typhoon 'Haikui' strikes Hong Kong, bankers and traders in this Asian financial hub are either staying at home or scrambling to book hotels close to their offices.
According to Bloomberg, major international banks including Goldman Sachs, Morgan Stanley, and HSBC Holdings asked most employees to work from home before the typhoon brought torrential rain and winds of up to 195 km/h (121 mph) to the city early Wednesday morning.
Since last year, Hong Kong has implemented the "no market closure for typhoon" policy, and this typhoon will be a major test for the Hong Kong Stock Exchange. The Hang Seng Index edged up 0.016% to 26,163.33 points in the first half hour of trading on Wednesday (September 24).
With the market remaining open as usual, most financial institutions still require some staff to be present in office for trading and pricing, prompting many to flock to downtown hotels to avoid long commutes. The Mandarin Oriental Hotel, located opposite HSBC Hong Kong's headquarters, was almost fully booked as of Tuesday (September 23). Other city center hotels, such as the Four Seasons and those connected to the Edge of Central's banking district through the Pacific Place mall, were also booked solid.
The Hong Kong government has closed its offices and schools, and suspended all inbound and outbound passenger flights from 6 p.m. Tuesday for 36 hours. Some bankers and traders required to go to the office found the streets deserted.
During Typhoon Signal No. 8 on Tuesday, activity at Hong Kong securities brokerages had already slowed considerably. Haikui could be the most dangerous typhoon to hit Hong Kong since 'Mangkhut' in 2018, which caused economic losses (including insurance claims) totaling HKD 4.6 billion (about MYR 2.486 billion). Hong Kong raised the signal to No. 10 in the early hours of Wednesday (the 24th).
According to Bloomberg, major international banks including Goldman Sachs, Morgan Stanley, and HSBC Holdings asked most employees to work from home before the typhoon brought torrential rain and winds of up to 195 km/h (121 mph) to the city early Wednesday morning.
Since last year, Hong Kong has implemented the "no market closure for typhoon" policy, and this typhoon will be a major test for the Hong Kong Stock Exchange. The Hang Seng Index edged up 0.016% to 26,163.33 points in the first half hour of trading on Wednesday (September 24).
With the market remaining open as usual, most financial institutions still require some staff to be present in office for trading and pricing, prompting many to flock to downtown hotels to avoid long commutes. The Mandarin Oriental Hotel, located opposite HSBC Hong Kong's headquarters, was almost fully booked as of Tuesday (September 23). Other city center hotels, such as the Four Seasons and those connected to the Edge of Central's banking district through the Pacific Place mall, were also booked solid.
The Hong Kong government has closed its offices and schools, and suspended all inbound and outbound passenger flights from 6 p.m. Tuesday for 36 hours. Some bankers and traders required to go to the office found the streets deserted.
During Typhoon Signal No. 8 on Tuesday, activity at Hong Kong securities brokerages had already slowed considerably. Haikui could be the most dangerous typhoon to hit Hong Kong since 'Mangkhut' in 2018, which caused economic losses (including insurance claims) totaling HKD 4.6 billion (about MYR 2.486 billion). Hong Kong raised the signal to No. 10 in the early hours of Wednesday (the 24th).