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Hong Kong stocks climb on call for ‘forceful’ state support to curb market rout

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Hong Kong stocks climb on call for ‘forceful’ state support to curb market rout

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Shares in Hong Kong posted their biggest daily gains this year following a call from China’s premier for “forceful” state support to halt a punishing market rout.

The city’s benchmark Hang Seng index rose 2.6 per cent on Tuesday after Premier Li Qiang’s called for “more forceful and effective measures to stabilise the market and boost confidence”.

The Hang Seng fell almost 14 per cent last year, making it one of the worst-performing benchmark indices across all large markets. Stocks in Shanghai, Shenzhen and Hong Kong are continuing to lose ground as a result of slowing economic growth in China, an unresolved financial crisis in the property sector and worsening tensions between Beijing and Washington.

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Traders said Li’s comments prompted a handful of global funds to begin to strategically buy up undervalued shares in Hong Kong, where shares are down about 10 per cent this year. But they added that the gains would prove fleeting if state support did not materialise.

“This is healthy buying, but unless there’s evidence of deployment then the impact of this sort of rhetoric will die out as quickly as it went on,” said the trading desk head at one investment bank in Hong Kong. “This could be the boy that cried wolf.”

Chinese equities in Shanghai and Shenzhen were little changed. The benchmark CSI 300 index was up just 0.4 per cent on Tuesday. “The rebound may be short-lived,” said Dickie Wong, head of research at Kingston Securities.

Separately on Tuesday, China’s video game regulator removed from its website draft rules that proposed controls on players’ spending, boosting shares in Hong Kong-listed game developers Tencent and NetEase and helping the Hang Seng tech index rise 3.8 per cent.

Authorities in Beijing have over the past year tried to halt a protracted sell-off in Chinese equities. Public measures to boost demand included cuts to stock trading fees and purchases of bank shares by a government investment fund.

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Regulators have also started issuing private instructions to Chinese mutual funds and securities companies that forbid them from being net sellers of equities on certain days.

The lack of interest from investors forced the city’s government to convene a liquidity task force last year to recommend measures to boost trading activity.

But that effort has had little impact, according to estimates by analysts at Goldman Sachs, which showed the share of listings in Hong Kong with less than $1mn of daily turnover had risen to about 60 per cent by the end of 2023, compared with a historic average of about 30 per cent.

“US capital and investors have been more cautious when it comes to positioning in Hong Kong-listed Chinese equities,” said Kinger Lau, chief China equity strategist at Goldman Sachs.

But he added that increased investment flows from the Middle East and south-east Asian investors “had partially offset the reduction in positioning from US and European investors.”

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Who is Delcy Rodríguez, Venezuela’s leader after Maduro’s capture? | CNN

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Who is Delcy Rodríguez, Venezuela’s leader after Maduro’s capture? | CNN

Following the capture of President Nicolás Maduro during a US military operation in Venezuela, the command of the South American country has fallen into the hands of Executive Vice President Delcy Rodríguez.

That is what Venezuela’s constitution outlines in its different scenarios anticipating a president’s absence. Under Articles 233 and 234, whether the absence is temporary or absolute, the vice president takes over the presidential duties.

Rodríguez – also minister for both finance and oil – stepped into the role on Saturday afternoon. Hours after the capture of Maduro and his wife, Cilia Flores, she chaired a National Defense Council session, surrounded by other ministers and senior officials, and demanded the couple’s “immediate release” while condemning the US military operation.

Standing before the Venezuelan flag, Rodríguez said the early-morning operation represents a blatant violation of international law and Venezuela’s sovereignty. She added that the action must be rejected by Venezuelans and condemned by governments across Latin America.

“We call on the peoples of the great homeland to remain united, because what was done to Venezuela can be done to anyone. That brutal use of force to bend the will of the people can be carried out against any country,” she told the council in an address broadcast by state television channel VTV.

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Rodríguez, 56, is from Caracas and studied law at the Central University of Venezuela.

She has spent more than two decades as one of the leading figures of chavismo, the political movement founded by President Hugo Chávez and led by Maduro since Chávez’s death in 2013.

Alongside her brother Jorge Rodríguez, the current president of the National Assembly, she has held various positions of power since the Chávez era. She served as minister of communication and information from 2013 to 2014 and later became foreign minister from 2014 to 2017. In that role, she defended Maduro’s government against international criticism, including allegations of democratic backsliding and human rights abuses in the country.

As foreign minister, Rodríguez represented Venezuela at forums such as the United Nations, where she accused other governments of seeking to undermine her country.

In 2017, Rodríguez became president of the Constituent National Assembly that expanded the government’s powers after the opposition won the 2015 legislative elections. In 2018, Maduro appointed her vice president for his second term. She retained the post during his third presidential term, which began on January 10, 2025, following the controversial July 28, 2024, elections. Until the president’s capture, she served as Venezuela’s chief economic authority and minister of petroleum.

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Venezuela’s opposition maintains that the 2024 elections were fraudulent and that Maduro is not a legitimately elected president. They insist that the true winner was former ambassador Edmundo González Urrutia, a position supported by some governments in the region.

José Manuel Romano, a constitutional lawyer and political analyst, told CNN that the positions Rodríguez has held show she is a “very prominent” figure within the Venezuelan government and someone who enjoys the president’s “full trust.”

“The executive vice president of the republic is a highly effective operator, a woman with strong leadership skills for managing teams,” Romano said.

“She is very results-oriented and has significant influence over the entire government apparatus, including the Ministry of Defense. That is very important to note in the current circumstances,” he added.

On the path to an understanding with the US?

Hours after Maduro’s capture, and before Rodríguez addressed the National Defense Council, US President Donald Trump said at a press conference that Secretary of State Marco Rubio had spoken with the vice president. According to Trump, she appeared willing to work with Washington on a new phase for Venezuela.

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“She had a conversation with Marco. She said, ‘We’re going to do whatever you need.’ I think she was quite courteous. We’re going to do this right,” Trump said.

Trump’s remarks, however, surprised some analysts, who believe Rodríguez is unlikely to make concessions to the United States.

“She is not a moderate alternative to Maduro. She has been one of the most powerful and hard-line figures in the entire system,” Imdat Oner, a policy analyst at the Jack D. Gordon Institute and a former Turkish diplomat based in Venezuela, told CNN.

“Her rise to power appears to be the result of some kind of understanding between the United States and key actors preparing for a post-Maduro scenario. In that context, she would essentially serve as a caretaker until a democratically elected leader takes office,” the analyst added.

In her first messages following Maduro’s capture, Rodríguez showed no signs of backing down and, without referencing Trump’s statements, closed the door to any potential cooperation with the United States.

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Earlier in the morning, during a phone interview with VTV, Rodríguez said the whereabouts of Maduro and Flores were unknown and demanded proof that they were alive. Later in the afternoon, during the National Defense Council session, she escalated her rhetoric, condemned the US operation and, despite the circumstances, insisted that Maduro remains in charge of Venezuela.

“There is only one president in this country, and his name is Nicolás Maduro Moros,” said Rodríguez — now, by force of events, the most visible face of the government.

Reuters news agency contributed to this report.

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For those who help the poor, 2025 goes down as a year of chaos

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For those who help the poor, 2025 goes down as a year of chaos

Paul B. Miller shops at The Market food pantry in Logan, Ohio on Dec. 9. Food aid was just one of many services offered here that faced disruption in 2025.

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LOGAN, Ohio – Before dawn, in a cold, blustery drizzle, a line forms outside a small, squat building on an open stretch of road on the outskirts of town.

“My heater quit working in my car,” Scott Skinner says good-naturedly to the next man in line. “Man, what kinda luck am I having.”

The building is called “The Market” because it has a food pantry, but Skinner and the others are here to sign up for heating assistance. He’s been calling for a month to get an appointment with no luck, so he showed up an hour ago to snag a walk-in slot.

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The demand for help is more acute than usual because heating aid was suspended during the recent government shutdown. At the same time, SNAP food benefits were suspended for weeks, and some food pantry shoppers are still playing catch up.

One of those people is Lisa Murphy. She’s 61, disabled and relies on Social Security, and says it’s important to have “places like this that really help us.” 

“I still owe my gas bill. I owe $298,” Murphy says. “It’s hard to buy food and pay my bills, too.”

Lisa Murphy of Junction City, Ohio grocery shops at The Market at Hocking Drive on Dec. 9.

Lisa Murphy grocery shops at The Market food pantry in Logan, Ohio. She’s still behind on bills after SNAP food benefits were paused for two weeks during the recent federal shutdown.

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A detail from Miller's grocery cart; signs tell clients of the number of items that can be taken.

A detail from Miller’s grocery cart; signs tell clients the number of items that can be taken.

Rich-Joseph Facun for NPR

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But even as need grows with rising costs and unemployment, local anti-poverty groups like the one that runs The Market say their work has been threatened as never before amid the Trump administration’s funding cuts, pauses and reversals targeting a long list of safety-net programs. The shutdown was only the latest disruption that forced them to scramble to keep operating.

And, they say, the year of chaos has left deep uncertainty over which programs may be hit next.

‘Emergency response mode’

The Market in Logan, Ohio, is part of Hocking Athens Perry Community Action – HAPCAP for short – one of a thousand such agencies across the country that have been around since the 1960s. They connect some 15 million people with housing, health care, food aid and much more.

At HAPCAP, services include Meals on Wheels, Head Start, a public bus system, employment help, and a food bank that serves 10 counties across southeast Appalachian Ohio.

It’s an impressive range, but this year that’s also made it a big target for federal funding cuts. 

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“Eighty percent of our funding comes from federal grants,” says executive director Kelly Hatas. The “worst day” of her career was back in January, when the Trump administration ordered a federal funding freeze, saying it wanted to shift priorities and promote efficiency.

“When we got that news we were in immediate emergency response mode, like, what are we going to do?” she says.

Kelly Hatas, executive director of Hocking Athens Perry Community Action, talks with Amyrose McManaway, 3, of Haydenville, Ohio, while her parents grocery shop at The Market at Hocking Drive on Dec. 9.

Kelly Hatas, executive director of Hocking Athens Perry Community Action (HAPCAP), talks with the child of a couple who are shopping at the food pantry. Hatas says the nonprofit has had to scramble all year as various safety-net programs were hit with federal funding cuts or pauses.

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The most urgent threat was to six Head Start centers.

“Our Head Start director was on a call with all of her center coordinators telling them we’re laying everyone off tomorrow,” Hatas recalls. “And then there was some secondary information that was like, ‘Just kidding … Head Start is excluded.’”

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That whiplash shook people’s trust. And the hits kept coming.

In March, the administration canceled or paused a billion dollars that helped food banks. In May, President Trump’s budget called for zeroing out Head Start and heating assistance, along with major cuts to other safety-net programs like rental aid. He also proposed eliminating the $770 million dollar Community Services Block Grant that directly supports these anti-poverty groups, including it in a list of “woke programs.”

Congress eventually funded many of those programs, but the Office of Management and Budget took months to get out the block grant money. 

“OMB just decided not to spend it, totally usurping congressional authority,” says David Bradley, who advocates for these local groups with the National Community Action Foundation.

He says they’ve long had strong bipartisan support.

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“So we’ve had two major fights with the administration,” he says. “We won them because Republicans helped.”

An overview of East Main Street in Logan, Ohio on Dec. 9.

East Main Street in Logan, a small town in southeast Appalachian Ohio.

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In a statement, an OMB spokesperson said these anti-poverty programs fund “radically partisan activities, like teaching toddlers to be antiracist and ‘LGBTQIA+ welcoming.’” It also criticized a program that combined affordable housing with clean energy “in the pursuit of both economic and environmental justice.”

“President Trump ran on fiscal responsibility and ending wasteful DEI spending in government,” the statement says.“The American taxpayer should not be made to fund critical race theory.”

Health and Human Services spokesman Andrew Nixon said the agency “administers CSBG consistent with the funding levels Congress provides to support services for low-income families.”

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Funding chaos and uncertainty

In Ohio, Hatas says the state has shifted money to help address federal funding crises as they’ve popped up to keep programs going. But the biggest challenge remains uncertainty.

“The panic and the just day-to-day not knowing what’s going to happen, is just really difficult,” she says.

Because of that, HAPCAP has scaled back some plans, including for a new Head Start facility and a much-needed homeless shelter. It’s also had to pull out of food distribution at schools because of a lack of staff. Some employees are leaving, worried about losing their jobs. Others have been laid off or had their hours trimmed.

“It cut my paychecks completely in half,” says Kelsey Sexton, who manages the front desk but was shifted to part-time in the fall. “We have a mortgage, a car payment. With Christmas coming, my husband was like, what are we going to do?”

She was bumped back up to full-time – but so far only temporarily – after the shutdown pause in SNAP payments brought a surge of people to the food pantry.

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Losing a job can be extra tough in rural communities.

“We don’t really have jobs growing on trees … and so there’s nowhere for these folks to go,” says Megan Riddlebarger, who heads the Corporation for Ohio Appalachian Development (COAD) half an hour away in Athens.

Hocking Athens Perry Community Action Administrative Clerk Kelsey Sexton; Executive Director of Corporation for Ohio Appalachian Development Megan Riddlebarger.

Kelsey Sexton (left) had her hours as a desk clerk at HAPCAP cut in half. Megan Riddlebarger (right) heads the Corporation for Ohio Appalachian Development and says anti-poverty agencies are important for local economies in this rural region.

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She oversees federal funding for 17 antipoverty groups across the eastern part of the state, and says they’re important for rural economies.

“These aren’t just, like, people volunteering for fun,” she says. “These are some of the biggest businesses in town, buying most of the products that are bought and sold in the town.”

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Helping people stay warm and at home 

Down a flight of stairs from Riddlebarger’s office, five burly men at long desks take notes as Dave Freeman goes over how to properly install a water heater vent. It’s a refresher training class for inspectors, part of a weatherization assistance program the White House also wanted to end.

Freeman says many older homes in the area are full of cracks and crevices with almost no insulation.

“That house that you walk in (that) has the blanket at the stairway, so ‘Oh, honey, I haven’t been upstairs, it’s so cold up there,’” he says.

Weatherizing homes not only lets people live comfortably, it also saves them money.

“Say their electric bill goes down or gas bill goes down, they might be able to buy a pizza on a Saturday night,” Freeman says. “And that’s a big thing.”

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Adam Murdock, left, attends attends a training class for weatherization inspectors at Corporation Ohio Appalachian Development's Weatherization Training Center as training coordinator Dave Freeman, right, gives instruction, on Dec. 9, in Athens, Ohio. COAD is a non-profit that provides essential services like weatherization, energy assistance, childcare resources, senior programs and workforce development.

Adam Murdock (left) attends attends a training class for weatherization inspectors at the Corporation for Ohio Appalachian Development.

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But COAD’s funding for weatherization was delayed months, which jeopardized staffing. “You can get paid to do similar work in the private sector, and so retaining that staff is already a challenge,” says Riddlebarger.

Most of the agencies she oversees were able to cover the gap until money finally came through in November. But she says it means squeezing what’s supposed to be a year-long program into about half that time “with the same expectations for performance reporting.”

Diana Eads’ volunteer job with COAD – which includes a small stipend – was also at risk earlier this year, when the Trump administration gutted AmeriCorps grants with little explanation. As part of the AmeriCorps Seniors companion program Eads visits and helps out low-income people.

“My companions have been elderly, they’re not able to get out,” she says. “They’re just one-step away from nursing home care.”

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Diana Eads, 74, a volunteer for Corporation Ohio Appalachian Development, sits for her portrait at the COAD office on Dec. 9.

Diana Eads, 74, visits with elderly people as part of the AmeriCorps seniors program. When a funding cut threatened her small stipend for gas money, she told an 88-year-old woman who lives far away that she would keep visiting no matter what.

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If they were to land in a nursing home or assisted living, that could cost thousands of dollars a month in Medicaid spending. But Eads helps keep them at home for just $4 dollars an hour, to help cover gas or other small bills.

“Being rural, my one companion, it’s 56 miles roundtrip,” she says.

Riddlebarger managed to secure local philanthropic funding to keep operating, and after a legal challenge AmeriCorps federal funding was restored.

Through it all Eads reassured her companion, an 88-year old woman she’d been visiting for five years.

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“I told her no matter what happened, I would not stop visiting,” Eads says. “That was important.”

A grim 2026 outlook

After a year struggling to keep serving those most in need, advocates say they don’t see much relief in site. Republicans in Congress passed major cuts to Medicaid and SNAP food aid and those will start to take hold.

The Trump administration also is considering dramatic limits to rental assistance and has laid out major cuts to long-term housing for people leaving homelessness, a move that faces a legal challenge.

On top of that, the administration’s mass firings and buyouts hit hard in offices that administer various safety-net programs.

Anthony Waddell of Haydenville, Ohio enters the The Market at Hocking Drive on Dec. 9.

The Market runs a food pantry and helps connect people with other services. In December, people seeking an appointment for heating assistance often line up outside before dawn.

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Riddlebarger says most anti-poverty funding already falls far short of the need, and making it even harder to help people is exhausting.

“Not knowing which of our many services we are going to be able to keep operating makes us waste valuable capacity trying to plug holes that shouldn’t be holes,” she says. “We’re just breaking the wheel and reinventing it at a great cost to all parties.”

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‘Bomb cyclone’ forecasted to bring heavy snow, blizzard conditions and dangerous travel

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‘Bomb cyclone’ forecasted to bring heavy snow, blizzard conditions and dangerous travel

People walk through the snow in Brooklyn after an overnight storm on Saturday in New York City.

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An intense cyclone system is fueling a mix of severe weather, including a winter storm that will impact upper parts of the United States.

Heavy snow, blizzards, extreme cold and damaging winds are likely to create hazardous conditions stretching from Montana east to Maine, and Texas north to Pennsylvania, according to the National Weather Service (NWS).

More than eight million people were under winter storm warnings from the NWS on Sunday afternoon. Nearly two million people were under blizzard warnings. Meteorologists warn that after winter weather Friday and Saturday, an arctic front clashing with warm air could rapidly intensify into a ‘bomb cyclone’ over the Midwest and Great Lakes through Monday. A ‘bomb cyclone’ or bombogenesis is a rapidly deepening area of low pressure that creates harsh weather conditions.

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“We are anticipating some pretty big snows over the next 24 hours, especially across east central Minnesota to northern Wisconsin to the Upper Peninsula of Michigan. A lot of those places will have 6-12 inches,” NWS Lead Forecaster Bob Oravec told NPR on Sunday.

Blizzard conditions will cause near zero visibility and possible power outages Sunday night though Monday evening in some locations in Michigan’s Upper Peninsula, according to the NWS Marquette. A foot of snow or more is possible in areas along Lake Superior with 40 to 65 mile per hour winds, according to forecasts.

Marquette Mayor Paul Schloegel told NPR on Sunday the Marquette Board of Light & Power is prepared to handle any loss of electricity. He said in an email the main priority is keeping people safe.

“We tend to heed the advice of our weather forecasters and prepare to hunker down as needed,” Schloegel wrote. “As far as taking care of the snow, our extremely dedicated public works and MDOT crews do a great job taking care of our residents, they are true professionals. Roads are usually back to normal within 24 [hours].”

Schloegel said Marquette residents appreciate a good blizzard while taking precautions.

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“We choose to live here for our love of [four] full seasons and appreciate the effect the greatest lake, Lake Superior, has on our climate,” he said.

Minnesota is also bracing for major impacts. Blizzard and winter storm warnings and advisories are in place for most of the state. As much as 10 inches of snow could fall in the Twin Cities and potentially life-threatening travel conditions are likely through early Monday morning, according to the NWS.

The ‘bomb cyclone’ is also sending cold temperatures below freezing.

Residents of Havre, Mont., about 45 miles south of the Canadian border, could feel wind chill values as low as 15 degrees below zero late Sunday. The actual temperature is forecast to fall to 2 degrees below zero.

Farther south in Dallas, Texas, temperatures are expected to drop dramatically from the 80s on Sunday to highs in the 40s on Monday, according to the NWS.

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In the Northeast, freezing rain could cause travel problems, including icing in northern New England and northern New York state, late Sunday into Monday, according to Oravec.

When colder air moves into New York City early this week, remaining snow on the ground from the weekend storm will freeze and create further hazardous travel conditions, Oravec said.

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