Hong Kong was hit by its strongest typhoon this year, threatening to cancel morning trading in the city’s US$5.8 trillion ($7.91 trillion) local stock market, shutting many businesses and disrupting public transportation.

The Hong Kong Observatory lowered its storm signal to No. 8, the third-highest on its scale, from 9 at 7:40 a.m. local time, saying winds with mean speeds of 63 km (39 mph) per hour or more are expected. The signal will be lowered to No. 3 between 11 a.m. and 1 p.m., it said in a statement on its website.

Most businesses close and public transport becomes limited when No. 8 signal or above is in place. The city is already facing its toughest social distancing restrictions so far due to a flare up of coronavirus cases, with restaurants forced to close at 6 p.m., public gatherings of more than two people banned and school lessons taking place online.

Hong Kong cancelled pre-market trading in the stock market and morning trading in securities market, including Hong Kong-China stock connect trading, and derivatives market has been delayed, Hong Kong Exchanges & Clearing Ltd. said in a statement.

Under exchange rules, the morning trading session will be cancelled if signal No. 8 or above is still hoisted at 9 a.m. Hong Kong time. If the signal isn’t lowered before noon, the entire day’s trading will be abandoned. HKEX is due to report its first-half earnings at noon and hold a media briefing in the afternoon.

At 8 a.m., Higos was centred about 100 km west of Hong Kong’s observatory and is forecast to move northwest or west-northwest at about 20 km per hour inland and weaken gradually, the observatory said.

As of 5 a.m., authorities had received nine reports of fallen trees, and one flood report, while two people were injured and sought treatment at hospital, local media RTHK reported.

in 2018, the city raised the maximum No. 10 signal when Typhoon Mangkhut left the city with roads blocked, buildings damaged and low-lying areas flooded.