Hong Kong stocks tumbled on Monday as US tariffs on another $200 billion of Chinese imports took effect.
Hong Kong’s Hang Seng Index closed down 1.6%, with financial and real-estate companies bearing the brunt of losses. Also pressuring markets, the Hong Kong Interbank Offered Rate — short-term rates that Hong Kong banks charge each other — hit the highest level in around a decade on Monday. That move came after the Hong Kong dollar surged 0.4% on Friday, its largest jump since 2003.
Among stocks under pressure, China Resources Land Ltd. tumbled nearly 5% and China Life Insurance Co. Ltd. fell over 2%.
Elsewhere
Australia’s ASX 200 closed down 0.1%, with a drop of 1.6% for Newcrest Mining. There were some bright spots as oil companies benefited from a gain of around 2% in Brent and WTI crude prices after a meeting of major oil producers essentially maintained the status quo on global production.
New Zealand’s NZX 50 closed down 0.4%
