Alibaba, HSBC, AIA tumble as Taiwan tensions sink Asian stocks after China promises ‘firm and strong’ measures against Pelosi’s visit


Source: scmp.com scmp.com

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Hong Kong stocks plunged to the lowest in more than two months as cross-strait tensions escalated after China threatened countermeasures against a visit to Taipei by US House Speaker Nancy Pelosi. A slowdown in the city’s economy also hurt risk-taking. The Hang Seng Index slumped 3 per cent to 19,567.50 as of 11.32am local time, heading for the lowest level since May 12. All four of the benchmark’s industry groups – finance, property, utilities and industry lost between 1.2 and 3.4 per cent. The Tech Index sank 4.2 per cent while the Shanghai Composite Index fell 2.9 per cent. Alibaba...