UK signals it will suspend extradition treaty with Hong Kong – BBG

Bloomberg reports that the Foreign Secretary Dominic Raab signalled the UK will join its international allies in suspending an extradition treaty with Hong Kong after China imposed a national security law on the former British colony.

Lead paragraphs

Raab told Sky News on Sunday he would update Parliament on Monday on the UK’s extradition arrangements with Hong Kong, less than a week after the nation banned the Chinese telecommunications company Huawei Technologies Co. as a long-term supplier for its 5G networks over concerns about the security of its infrastructure. Raab also cited China’s “egregious human-rights abuses” of the country’s Uighur minority.

Raab said he had promised on July 1 to conduct a review of the extradition arrangements and, having completed that study, will update members of Parliament. Canada and Australia have already suspended extradition agreements with Hong Kong, while the U.S. and New Zealand are reviewing their arrangements. Those countries make up the so-called “Five Eyes” intelligence-sharing nations.

The UK has stepped up its criticism of Beijing and Moscow as it seeks to establish a place for itself in the world after Brexit. On Tuesday, Raab will meet US Secretary of State Michael Pompeo in London. Pompeo is also due to meet the group of Conservative lawmakers who form the influential China Research Group.

Market implications

Markets will be seeking risk positive headlines such as these for a push over the lines in the global equities:

• S&P 500 Index Weekly Forecast: Nothing but blue skies from now on?