Hong Kong’s Hang Seng index drops more than 3% as Evergrande shares plunge

SINGAPORE — Hong Kong's Hang Seng index led losses amongst Asia-Pacific markets in Monday commerce, with shares of embattled Chinese developer China Evergrande Group persevering with to drop.

The Hang Seng index dropped 3.51% in Monday afternoon commerce. Shares of China Evergrande Group within the metropolis plummeted 14.17%.

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The Hang Seng Properties index dropped to a 52-week low, final buying and selling practically 7% decrease.

Shares of insurers listed within the metropolis additionally plunged. AIA dropped about 5.2% whereas Ping An Insurance fell 7.43%.

The S&P/ASX 200 in Australia fell practically 2%, with shares of main miners declining: Rio Tinto dropped 3.69%, Fortescue Metals Group declined 3.73% whereas BHP slipped 4.16%.

MSCI's broadest index of Asia-Pacific shares exterior Japan fell 1.63%.

U.S. inventory futures additionally noticed declines within the afternoon of Asia buying and selling hours, with Dow Jones Industrial Average futures falling more than 300 factors.

Markets in mainland China, Japan and South Korea are closed on Monday for holidays.

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Over on Wall Street, shares have struggled within the seasonally weak month of September, with the Dow Jones Industrial Average seeing three straight weeks of losses — its first in 2021.

Investor focus for the week will possible be on the U.S. Federal Reserve's upcoming September assembly for clues on the central financial institution's tapering of its simple financial coverage.

Currencies and oil

The U.S. greenback index, which tracks the dollar towards a basket of its friends, was at 93.34 after a latest leap from beneath 93.

The Japanese yen was at 109.90 per greenback, having weakened final week from beneath 109.6 towards the dollar. The Australian greenback traded at $0.7234, following its slip from above $0.736 final week.

Oil costs have been decrease within the afternoon of Asia buying and selling hours, with worldwide benchmark Brent crude futures slipping 0.69% to $74.82 per barrel. U.S. crude futures shed 0.79% to $71.40 per barrel.

primarily based on website supplies www.cnbc.com

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