stock market

The US stock market is currently experiencing a period of growth, reaching new highs. This positive performance in the stock market contrasts with the spending habits of a significant portion of Americans, as a recent survey indicates that two out of three are reducing their expenditures. Meanwhile, in Hong Kong, the stock market has played a crucial role in driving a substantial increase in tax revenue. The city's tax revenue surged by 22% to HK$458.3 billion in the past financial year. This growth was attributed to a buoyant stock market and a rise in property transactions, with stamp duty alone jumping by 61%. The dual developments highlight the stock market's significant impact on both consumer sentiment in the US and government finances in Hong Kong.