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Expand chart
Data: FactSet; Chart: Andrew Witherspoon/Axios

The unrest in Hong Kong hit the market hard Tuesday as the Hang Seng Index fell 2.1%. The territory's flagship airline Cathay Pacific saw shares tumble 2.55%, after a 4.9% slide on Monday that pushed the stock to its lowest price in a decade.

The backdrop: Hong Kong International Airport once again stopped all flights after protesters occupied the building for a fourth straight day as part of escalating citywide protests against a law that would allow China to extradite and try citizens from Hong Kong in the mainland.

  • On Friday, China ordered Cathay Pacific to suspend any staff who supported the protests. More than 14,000 Cathay employees had reportedly joined an effort to shut down the airport that led to the cancellation of more than 200 flights.
  • Over the weekend, Cathay's management said they would abide by the Chinese government's demands, and warned workers they could be fired for supporting protests.

Watch this space: Steve Eisman, a fund manager portrayed in “The Big Short,” says the Hong Kong protests are his biggest worry, as they could endanger the likelihood of a trade deal between the U.S. and China and hurt the global economy.

  • “I think the potential black swan ... is what’s happening in Hong Kong right now,” Eisman, a managing director and senior portfolio manager at Neuberger Berman, said in an interview on CNBC.

Go deeper: Cathay Pacific threatens to fire staff who support Hong Kong protests

Go deeper

Harry and Meghan accuse British royal family of racism

Photo: Joe Pugliese/Harpo Productions via Reuters

Prince Harry and Meghan Markle delivered a devastating indictment of the U.K. royal family in their conservation with Oprah Winfrey: Both said unnamed relatives had expressed concern about what the skin tone of their baby would be. And they accused "the firm" of character assassination and "perpetuating falsehoods."

Why it matters: An institution that thrives on myth now faces harsh reality. The explosive two-hour interview gave an unprecedented, unsparing window into the monarchy: Harry said his father and brother "are trapped," and Markle revealed that the the misery of being a working royal drove her to thoughts of suicide.

Updated 4 hours ago - Axios Twin Cities

In photos: Thousands rally for George Floyd ahead of Derek Chauvin's trial

Demonstrators on March 7 outside the Hennepin County Government Center, where the trial of former Minneapolis police officer Derek Chauvin, charged with murdering George Floyd, will begin in Minneapolis, Minnesota. Photo: Chandan Khanna/AFP via Getty Images

Thousands of protesters marched through Minneapolis' streets Sunday, urging justice for George Floyd on the eve of the start of former police officer Derek Chauvin's trial over the 46-year-old's death, per AFP.

The big picture: Chauvin faces charges for second-degree murder and manslaughter over Floyd's death last May, which ignited massive nationwide and global protests against racism and for police reform. His trial is due to start Monday, with jury selection procedures.

Caitlin Owens, author of Vitals
7 hours ago - Health

Pfizer CEO feels "liberated" after taking COVID vaccine

Pfizer CEO Albert Bourla. Photo: "Axios on HBO"

Pfizer CEO Albert Bourla tells "Axios on HBO" that he recently received his first of two doses of the company's coronavirus vaccine.

Why it matters: Bourla told CNBC in December that company polling found that one of the most effective ways to increase confidence in the vaccine was to have the CEO take it.