Hong Kong markets reaction to talks on US fiscal cliff analyst











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(31 Dec 2012) • 1. Wide shot of floor of Hong Kong Stock Market • 2. Close up of Heng Seng Index (HSI) • 3. Various of traders • 4. Set up shot of analyst Francis Lun, Managing Director at Lyncean Holdings Limited • 5. SOUNDBITE (English) Francis Lun, Managing Director at Lyncean Holdings Limited.: • I am very pessimistic about the (fact that the) American President and the Congress can come to a resolution by the year's end, because the atmosphere is toxic and basically each side is taking their ideological position, which means there is no middle ground. • 6. Cutaway of Francis Lun's hands • 7. SOUNDBITE (English) Francis Lun, Managing Director at Lyncean Holdings Limited.: • So I think what is most likely to happen is that the two sides will come up with some stop-gap, temporary measure, which means in one month's time they will fight over again. So it is this paralysis that is really poisoning the atmosphere and making the American government simply dysfunctional. • 8. Various of market index • STORYLINE: • Hong Kong market opened slightly lower on Monday, amid the concern that the US Congress might fail to reach an agreement to avoid the so-called fiscal cliff by the end of the year. • Hong Kong's Hang Seng Index slid 0.36 percent or 82.15 points to open at 22,584.44, on the last trading day of 2012. • Analyst Francis Lun, Managing Director at Lyncean Holdings Limited, said he was pessimistic that an agreement would be reached between Republicans and Democrats. • I am very pessimistic about the (fact that the) American President and the Congress can come to a resolution by the year's end, because the atmosphere is toxic and basically each side is taking their ideological position, which means there is no middle ground, said Francis Lun in an interview on Monday. • On Sunday, the deal in Congress to avert the fiscal cliff was proving elusive as a deadline to avert tax hikes on virtually every American worker and block sweeping spending cuts set to strike the Defence Department and other federal agencies grew perilously near. • • • Find out more about AP Archive: http://www.aparchive.com/HowWeWork • Twitter:   / ap_archive   • Facebook:   / aparchives   ​​ • Instagram:   / apnews   • • • You can license this story through AP Archive: http://www.aparchive.com/metadata/you...

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