Live news: Chinese stock markets decline as shipping companies sell off

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Asian equities declined on Monday morning, with a sell-off in Chinese shipping companies driving Hong Kong’s stock market to underperform the region.

The Hang Seng index dropped 1.3 per cent, dragged lower by a 6.7 per cent decline in Orient Overseas International, a subsidiary of Cosco Shipping.

Mainland China’s benchmark CSI 300 dropped 0.3 per cent, bringing the index’s performance for 2024 into negative territory for the first time since February. Cosco Shipping led losses with a decline of over 7 per cent.

In currency markets Japan’s yen rose 0.2 per cent against the dollar to ¥160.38 after data showed rising wages but falling real earnings due to persistent inflation.

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