Global Trade War Sparks Sharp Decline in Hong Kong and Chinese Stocks

Hong Kong and Chinese stocks plunged on Monday amidst fears of a deepening global trade war. The Hang Seng index fell over 10%, marking its biggest daily drop since 2008. Banking stocks, including HSBC and Standard Chartered, witnessed a sharp fall, while China's CSI300 index declined by more than 5%.

On Monday, Hong Kong and Chinese stock markets experienced significant declines as fears of an escalating global trade war loomed large. The Hang Seng index suffered a dramatic drop of more than 10%, potentially marking its most substantial daily decrease since the 2008 financial crisis.

The banking sector took a hit, with shares of HSBC and Standard Chartered plummeting by 15%. China's CSI300 blue-chip index also saw a downturn, with broad sectoral sell-offs and the yuan reaching its lowest value since January.

As the trade conflict between the U.S. and China escalates, doubts over global demand and economic growth intensify. Investors are watching closely for Beijing's economic support measures while the White House remains steadfast.

(With inputs from agencies.)