Asian shares mixed after Wall Street rally; Hong Kong lower

BANGKOK (AP) — Asian stocks were mixed after an upbeat open on Thursday, as investors pinned their hopes on an economic rebound from the coronavirus crisis.

Shares rose in Tokyo, Sydney and Mumbai but dropped in Hong Kong, where tensions are flaring over Beijing’s effort to exert more control over the former British colony.

The most recent developments are another thorn in a relationship already testy over China's handling of the early stages of the coronavirus outbreaks and over longstanding trade and other antagonisms.

Two pro-democracy lawmakers were ejected from Hong Kong’s legislative chamber Thursday morning, at the start of a second day of debate on a contentious bill that would criminalize insulting or abusing the Chinese national anthem.

Hong Kong pro-democracy activists are urging the international community to pressure Beijing to withdraw proposed national security legislation that could further reduce the semi-autonomous Chinese territory’s civil liberties.

On Wednesday, U.S. Secretary of State Mike Pompeo told Congress the Trump administration no longer regards Hong Kong as autonomous from mainland China. That sets the stage for the U.S. to withdraw the preferential trade and financial status Hong Kong has held since it reverted to Chinese rule 23 years ago.

While Hong Kong's role as regional trading center and financial hub has been to a large extent sidelined by developments on the Chinese mainland, removing its special status would be a huge blow to businesses located in the city because of its independent financial and legal systems.

With U.S. Commerce Secretary Wilbur Ross saying President Donald Trump has a “'whole menu' of options, the market is on edge to hear exactly what those measures are, and how China absorbs them," Chris Weston of...