Bill Winters said the U.S. and China have returned to 'proper dialogue' to iron out their trade conflict, while disruption from pro-democracy protests in Hong Kong looked to be subsiding with early signs of tourists returning to the city.
Hong Kong, where Stanchart derives a major portion of its profits, saw itsand anti-government protests which primarily hit the retail and hospitality sectors.
While the outlook for the U.S.-China trade relations and Hong Kong economy are on the mend, Winters said he's "very concerned" that tensions in the Middle East could escalate after"Anything that came from an increase in violence in that region would directly impact the economy, would impact the prospects of the commercial markets," he said.
"We're assured by the fact that the U.S. and Iran seem to be in a phase of deescalation after the dramatic events of last week, but we're fully aware that the underlying issue hasn't been resolved," Winters added. The bank has a presence in Dubai and is setting up a full branch in Saudi Arabia, noted Winters. Still, Stanchart wouldn't pull out of the markets at the first sign of trouble, he said.
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