The financial markets reeled as both Hong Kong and Chinese stocks nosedived on Monday, marking the steepest declines since the global financial crisis of 2008.
The Hang Seng index in Hong Kong plunged over 10%, while China’s CSI300 blue-chip index saw a drop exceeding 5%. Banking behemoths like HSBC and Standard Chartered experienced a sharp fall of 15% in their shares, reflecting the escalating pressures triggered by global trade tensions.