Global Markets Strategy 20 August 2026 Hong Kong Equity Strategy Accumulating Through the Policy Noise MSCI HK's July rally paused in August, with offshore taxation measures triggering a sentiment-driven pullback MTD. However, we see limited evidence of a meaningful deterioration in capital flows, earnings expectations or macro fundamentals. China's actions are better viewed as part of a broader global shift towards offshore wealth transparency than a cross-border mobility tightening (Figure 1). Historicall ...