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Nikkei Markets

Hong Kong shares slide as steep US rate cut sparks worries

Shanghai Composite sees worst day of March after disappointing data

HONG KONG (Nikkei Markets) -- Hong Kong shares dropped to a fresh three-year low on Monday amid regionwide losses and as U.S. index futures fell, 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 4% to 23,063.57, its lowest closing since January 2017. It was the gauge's fourth consecutive decline. Social media and gaming major Tencent Holdings slid 6.4%, contributing most of the gauge's losses by points. Financial heavyweights HSBC Holdings and AIA Group declined 4.2% and 4.4%, respectively.

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