Hong Kong’s Hang Seng index falls around 3% as heavyweights Tencent, Alibaba plunge

Mainland China markets traded lower. The Shanghai Composite shed 1.27% to 3,313.58, while the Shenzhen Component lost 1.87% to 12,617.23. The CSI 300 index, which tracks the largest mainland-listed stocks, declined 1.67% to 4,354.62.

Covid concerns are growing in China as Shanghai reportedly discovered a new omicron subvariant.

Chinese producer inflation rose 6.1% in June compared with the same period a year ago, official data released on Saturday showed. That was slightly above the expected rate of 6%, according to a Reuters poll, but slower than May’s print of 6.4%.

Consumer inflation increased 2.5% from a year earlier, also slightly higher than the 2.4% predicted in a Reuters poll.

Asia-Pacific markets

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 107.604.

The Japanese yen traded at 136.80 per dollar, weaker than levels seen late last week. The yen strengthened on news that former Prime Minister Shinzo Abe had been shot Friday. The Australian dollar changed hands at $0.6808.

U.S. crude futures were dropped 2.28% to $102.40 per barrel in Asia’s morning trade, while Brent crude slipped 2.1% to $104.77 per barrel.

— CNBC’s Jeff Cox contributed to this report.

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