- Ashwin bags six wickets as India hammer Bangladesh in first Test
- Nascent French government under pressure on multiple fronts
- Angry French cognac makers see red over Chinese tariffs threat
- Protect the prosciutto: Italy battles swine fever
- UN holds 'Summit of the Future' to tackle global crises
- Marxist leader set to become Sri Lanka's next president
- From blades to pull-up bars: UK charity tackles knife crime
- Swiss vote on pensions and environment protections
- No pain, no gain: Chinese pro wrestlers fight for recognition
- UAE leader seeks to deepen 'strategic' ties in US visit during Mideast crisis
- Hezbollah takes heavy hits but still fighting Israel
- Floods, landslides hit central Japan months after major quake
- All Blacks coach Robertson demands better finishing
- Argentina edge South Africa to keep title hopes alive
- Biden says China 'testing us,' in hot mic remarks to Quad allies
- Dubois destroys Joshua to retain IBF world heavyweight crown
- Guardiola says critics want Man City wiped 'from face of the Earth'
- Biden says 'Quad' is 'here to stay' despite challenges
- Dubois knocks out Joshua to retain IBF world heavyweight crown
- Vinicius helps 'faster' Madrid overturn stubborn Espanyol
- Zelensky to press US on long-range missile strikes inside Russia
- PSG drop first points in draw at Reims
- Vinicius, Mbappe on target as Madrid crush plucky Espanyol
- Jeeno leads Ko by two at LPGA Queen City Championship
- Bottega Veneta goes for 'E.T.' chic as Madonna pops into D&G
- Messi, Miami frustrated by New York late leveler
- Musk's X platform takes first step toward lifting Brazil ban
- 'Business as usual' for Australia match-winner Carey amid boos
- Israeli jets pound Lebanon after deadly Beirut strike
- Ten Hag bemoans Man Utd's lack of killer instinct in Palace stalemate
- France's Macron appoints new government in shift to right
- Cheika proud of Leicester grit after winning start as boss
- Profligate Man Utd pay price in 0-0 draw at Palace
- Kane, Olise run riot as Bayern thump Bremen
- Diaz fires Liverpool top of Premier League, Man Utd held at Palace
- LIV champion Rahm out of LIV Team semis with severe flu
- Slot surprised by tearful Nunez's moment of magic
- Title rivals Norris, Verstappen on 'cool' front row for Singapore GP
- Biden talks China with 'Quad' leaders in hometown summit
- Juve and Napoli play out goalless draw in early Serie A title tussle
- Alcaraz fears tennis tour grind will 'kill us'
- Carey sparks recovery as Australia thrash England in 2nd ODI
- Leclerc, Sainz lament 'disappointing' Saturday in Singapore
- Bottega Veneta holds investors' aces as Madonna pops into D&G
- Beirut digs for victims at building flattened in Israeli strike
- Verstappen stages protest over 'ridiculous' swearing punishment
- Bayern boss Kompany lauds 'special talent' Olise
- Diaz fires Liverpool top of Premier League, Spurs bounce back
- Heavy fire over Israel-Lebanon border after deadly Beirut strike
- Ramos guides unbeaten Toulouse to Montpellier win despite Hogg scuffle
Asian markets struggle as Hong Kong dives again, oil retreats
Asian markets struggled again Tuesday, with Hong Kong tech firms leading another sharp equity selloff in the city following the Covid-19 shutdown of tech hub Shenzhen and worries over Russia's military outreach to China.
Concerns about China's economic outlook saw oil prices suffer fresh selling pressure, with WTI falling back below $100 a week after it hit a 14-year high on the back of Vladimir Putin's invasion of Ukraine.
Hopes for progress in talks to bring an end to the war in eastern Europe were also putting pressure on the black gold.
Global markets have been in a spiral since Russian troops marched into the neighbouring country, leading international powers to impose crippling sanctions on the country and numerous companies to pull out.
The measures have fanned concerns about the supply of commodities from the region, particularly oil, sending prices through the roof and ramping up fears that already high inflation would run out of control and shoot a hole through a fragile economic recovery.
Among the hardest-hit markets has been Hong Kong, which was already under pressure from China's regulatory crackdown on technology firms as part of the government's move to tighten its grip on the economy.
News that US authorities were also looking to crack the whip over Chinese firms listed in New York sparked a rout last week. And the selling continued Monday after news emerged of the Shenzhen lockdown.
The Hang Seng Index dived five percent as the Hang Seng Tech Index was pummelled 11 percent after China said it would lock down Shenzhen to contain a Covid-19 outbreak.
Another trouncing came later in the day in New York, exacerbated by news that Putin had asked China for military assistance in its battle in Ukraine.
Traders are fretting that Chinese companies could face sanctions or delisting if Beijing reacts positively to Russia's plea.
A "material rerating for China tech may need to see a shift in regulatory tone", Marvin Chen, a strategist at Bloomberg Intelligence, said, adding that interplay between Moscow and Beijing would be closely followed.
"Delisting fears and renewed Covid pressures delivered a double-whammy to the few bulls left. There's wholesale liquidation and even optimists think the space is just too hard right now."
And Sharif Farha, at Safehouse Capital, added: "The issue right now is the lack of a positive catalyst in China with regulatory noise continuing to create an overhang" on US-listed Chinese firms.
"In the short term we think overall Chinese equities will continue to face selling pressure. Longer term, the strong will survive and likely get stronger, bigger."
The Hang Seng Index dived around four percent on Tuesday morning before bouncing slightly on bargain-buying and data out of China suggesting the economy started 2022 on a positive note.
Shanghai, Sydney, Seoul, Taipei, Manila and Wellington were also well down, though Tokyo, Singapore, Jakarta and Bangkok edged up.
While data out of China beat forecasts, unemployment jumped and the shutdown in Shenzhen along with a surge in Covid-19 cases across the country has ramped up concerns the giant economy will see another growth slowdown.
They could also lead to more supply chain snarls, which can add to inflation.
That in turn has seen traders cut their expectations for demand from the world's biggest oil importer, with WTI dropping to as low as $96.70, well down from the 14-year peak of $130.50 touched last Monday.
Brent was also sharply down at $100.05, from its peak last week of $139.13.
The selling on oil markets was compounded by indications that moves were progressing on bringing the Ukraine war to an end.
Moscow said it made headway Monday in peace talks ahead of the latest round of negotiations, while US-China talks were also said to be broadly positive.
"Whilst they're yet to produce any solid results, (Russia-Ukraine talks) are deemed as a step in the right direction and hope remains that a resolution can be found," said Matthew Simpson at StoneX Financial.
"And those hopes have removed a key pillar of support for commodity prices."
He added that talk last week of $200 a barrel and suggestions this week of $50 were both "far-fetched" but tipped crude to hover around $90-$110.
Meanwhile, traders are also anxiously awaiting the Federal Reserve's policy meeting with most tipping a quarter-point interest rate hike as officials try to rein in prices while also being mindful of the shaky economic recovery.
- Key figures around 0320 GMT -
Hong Kong - Hang Seng Index: DOWN 2.2 percent at 19,11.41
Tokyo - Nikkei 225: UP 0.3 percent at 25,385.11 (break)
Shanghai - Composite: DOWN 2.0 percent at 3,159.99
West Texas Intermediate: DOWN 3.7 percent at $99.25 per barrel
Brent North Sea crude: DOWN 3.5 percent at $103.15
Dollar/yen: UP at 118.32 yen from 118.19 yen on Monday
Euro/dollar: UP at $1.0971 from $1.0949
Pound/dollar: UP at $1.3025 from $1.3003
Euro/pound: UP at 84.22 pence from 84.18 pence
New York - Dow: FLAT at 32,945.24 (close)
London - FTSE 100: UP 0.6 percent at 7,196.25 (close)
M.Furrer--BTB