【明報專訊】UNCERTAINTIES surrounding the global economic outlook have plunged stock markets around the world into a state of flux. The Hang Seng Index (HSI) nosedived by more than 1,000 points for two consecutive days and has sunk below the 19,000-point level. China concept stocks plummeted particularly staggeringly. While it is true that the HSI has come under pressure due to the COVID-19 outbreaks across multiple provinces and the resurgence of regulatory crackdowns on the mainland, geopolitical factors and the rivalry between world powers seem to have a greater impact on the Hong Kong stock market. In a bid to force China to side with the West regarding the ongoing Russia-Ukraine war, Washington has assumed the posture of sanctioning China by claiming that Beijing intends to offer Russia military assistance. Meanwhile, Beijing has stressed that it has the right to uphold its legitimate rights and interests, and objected to the use of "fake news" to smear China's position. Now that Russia is counting on China as the economic mainline, one has to wait and see whether Washington will exert pressure on Beijing by means of sanctions. At a time of turbulence in the outside world, Hong Kong is sandwiched between internal and external troubles. It can only do its utmost to tackle its current pandemic crisis first.