Dispatch From Hong Kong

Hong Kong protesters confronted police again. A group set off fire extinguishers at a railway station in the Yuen Long district — the site of a mob attack against demonstrators last month — before dispersing. There was a smaller “Save Simon Cheng” rally in support of the U.K. Consulate General employee, who China confirmed was being detained on the mainland. Cathay Pacific said another pilot had left in connection with the unrest and that it expects “significant impact” on its revenue as travel demand gets bruised by the months-long protests. Here’s why hitting tycoons where it hurts might appease the protesters.

Stocks Suffer

Asia stocks are poised for modest gains Thursday, but Hong Kong stocks are poised for their worst quarter since 2015 and corporate earnings are unlikely to save them. After a sell-off erased more than $600 billion from the city’s equities, attractive valuations stood as a potential bright spot. But those multiples don’t look so good when analysts keep slashing their profit forecasts for 2019. Their call for an average 19% slump in operating income would be the biggest contraction for Hang Seng Index companies since the global financial crisis, data compiled by Bloomberg show.

QE Down Under

Australia and New Zealand’s central banks are pondering what until recently seemed unthinkable: deploying the types of extreme monetary policies that were spawned globally by the 2008 financial crisis. Bond-purchase programs and negative interest rates were for years seen down under as the preserve of countries that had gorged on risky derivatives and been reckless with debt. Now, the Antipodeans are at the forefront of what appears to be a race to the bottom—where even interest rates at zero may not be low enough.

Divided They Stand

Unity at the U.S. Federal reserve is fraying. FOMC officials argued over whether to lower rates and by how much at last month’s meeting, minutes showed. Overall, the committee viewed the quarter-point cut as insurance against too-low inflation and falling business investment. But two members voted against the move and “a couple” participants sought a half-point reduction.

The Chosen One

Here’s the latest from Trump: The U.S. president has no immediate plans to cut taxes on capital gains and “probably” will reach a trade deal with China. “I am the chosen one” to take on Beijing, he said. He also blamed his cancelled visit to Denmark on Prime Minister Mette Frederiksen for calling his interest in buying Greenland absurd. Finally, Trump repeated his contention that Jews who vote for Democrats are disloyal to Israel, a trope that many Jewish groups find anti-Semitic.