Private sector feels the pinch of HK protests

Activity in Hong Kong's private sector fell by its biggest margin in three years in October, a private survey showed on Wednesday, offering a first glimpse of the impact the street protests are having on the economy and signaling a further slowdown.

The monthly Purchasing Managers Index in Hong Kong's private sector compiled by HSBC/Markit fell to 47.7 in October, the worst deterioration in operating conditions since September 2011, from 49.8 a month ago.

Sub-indexes measuring new orders and output led the decline with a number of companies surveyed attributing the drop to recent protests that have blocked key roads and hurt business activity for more than a month.