Hong Kong's economy shows steady growth and buoyant markets despite global geopolitical tensions. However, underlying business unease is reportedly rising among leaders.

Hong Kong’s latest quarterly figures look better than many observers expected. Despite the disruption caused by the war in the Middle East and an unsettled global backdrop, growth has been steady, markets have remained buoyant and visitors have been returning. On the surface, the numbers point to a resilient economy despite heightened global geopolitical tensions and elevated risk. Yet in conversations with many business leaders overseas, there is a quiet unease that has not yet entered the...