Hong Kong Shuts Down Ahead of Super Typhoon Saola

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Saola coould be the most powerful typhoon to hit Hong Kong since Mangkhut in 2018, which left roads blocked, buildings damaged and low-lying areas flooded. Photo: VCG

(Bloomberg) — Hong Kong is closing down its $5 trillion stock market along with the city as the Asian financial hub prepares for a possible direct hit by Super Typhoon Saola, which could be the strongest storm to hit the city in at least five years.

The city issued a No. 8 storm warning at 2:40 a.m. on Friday with its local observatory saying the third-highest typhoon warning level will remain in force for most of the day and it will consider the need to raise the tropical cyclone warning to higher signals.