US weighs sanctions on Chinese officials, firms over Hong Kong

Bloomberg reports that "the Trump administration is considering a range of sanctions on Chinese officials, businesses and financial institutions over Beijing’s effort to crack down on Hong Kong, according to people familiar with the matter."

The news has weighed on equities in the late part of the day. This is a developing story by Bloomberg News, buy it has started as follows:

Lead paragraphs

The Treasury Department could impose controls on transactions and freeze assets of Chinese officials and businesses for implementing a new national security law that would curtail the rights and freedoms of Hong Kong citizens.

Inter-agency discussions are ongoing and no decision has been made on whether or how to employ the sanctions, said the people, who spoke on condition of anonymity because the moves are still under consideration.

Market implications 

More to come...