The Hang Seng fell as much as 1.8%, with major losses for technology and healthcare stocks. China’s CSI 300 also fell 0.7%. Alibaba Health Information Technology, the e-commerce group’s online health company, fell about 4.6 percent in the morning, while Lenovo, the world’s biggest PC maker, and food delivery platform Meituan fell 3.2 percent and 3% respectively. Technology stocks are particularly sensitive to interest rate expectations. Losses in China and Hong Kong followed similar declines in the US, where the S&P 500 and Nasdaq Composite fell 0.7 percent and 1 percent, respectively, after the Jackson Hole summit of global central banks. Policymakers from the Federal Reserve and the European Central Bank used speeches at the meeting to reiterate their commitment to fighting inflation. However, markets elsewhere in Asia were more upbeat on Tuesday morning, with Japan’s Topix and South Korea’s Kospi up 1.2 percent and 0.6 percent respectively. Oil prices eased after strong gains the day before, with international benchmark Brent crude down 0.6 percent and U.S. West Texas Intermediate down 0.3 percent.
