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Nikkei Markets

Hong Kong shares skid after Fed surprises by slashing rates

ZTE slumps amid reported bribery allegations

HONG KONG (Nikkei Markets) -- Hong Kong shares headed lower on Monday, tracking losses for equities across Asia and for U.S. index futures, as the Federal Reserve's second unscheduled interest-rate cut this month fueled worries about the outlook for the world's largest economy.

The Hang Seng Index fell 2.2% to 23,507.13 by noon. Social media and gaming major Tencent Holdings slid 4.2%, contributing to about a fifth of the gauge's losses by points. Financial heavyweights HSBC Holdings and AIA Group declined 2.8% and 2%, respectively.

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