we are joined by mark conan.e heard this coming but this happened very quickly. >> it spiraled out of the student protest. i think it caught a number of businesses off guard. were activating contingency plans last night as we saw the situation develop on the ground. >> were the markets caught off guard? >> you can see, it has sold off reasonably heavily. although markets knew it was coming, it is never an event that actually occurs. very little coming out of beijing at the moment. you can be sure they are talking a lot about it. that is going to be the long-term story. >> i think the reaction we are going to get from authorities in hong kong and beijing is going to have an impact on investor sentiment and the way businesses plan for what is next. going't know what that is to be but any comment is going to be scrutinized. the worst outcome here is a prolonged standoff. think the pressure can be applied in certain ways? >> the problem with standoff is neither side wants to give in. the ability to cool down and mode