The Hong Kong Observatory has warned of potential flooding in low-lying areas early next week, while incoming tropical cyclone Man-yi has been upgraded to a severe typhoon. Typhoon Usagi, which the Observatory earlier on Friday said was unlikely to pose a direct threat, had weakened to a severe tropical storm.

A typhoon is brewing over Hong Kong but it’s business as usual for the city’s $5.4 trillion stock market. The financial hub has ended a decades-long practice of shutting its markets during severe weather,

Usagi is expected to maintain a distance of more than 500km from the city and then turn towards Japan’s Ryukyu Islands

Turnover of HK$173.31 billion (US$22.2 billion) exceeds the 10-month daily average of HK$127.8 billion, but falls short of HK$184.66 billion a day earlier.

The Hong Kong Observatory issued a so-called Typhoon Signal 8, the third highest, at 11:10 p.m. local time Wednesday as tropical storm Toraji is edging closer to the Pearl River Estuary and local winds will strengthen.

Intense rain and strong gusts will hit Hong Kong starting at around midnight on Saturday (Nov 9) as Severe Typhoon Yinxing nears, while another tropical cyclone is due to arrive next week.

Hong Kong stocks hovered around a seven-week low while investors await a flurry of earnings cards from bellwether companies as the city’s financial markets opened for business under typhoon conditions for the first time.