Asian markets struggle as Hong Kong dives again, oil retreats

Asian markets struggled again Tuesday, with Hong Kong tech firms leading another sharp equity selloff in the city following the Covid-19 shutdown of tech hub Shenzhen and worries over Russia’s military outreach to China.

Concerns about China’s economic outlook saw oil prices suffer fresh selling pressure, with WTI falling back below $100 a week after it hit a 14-year high on the back of Vladimir Putin’s invasion of Ukraine.

Hopes for progress in talks to bring an end to the war in eastern Europe were also putting pressure on the black gold.

Global markets have been in a spiral since Russian troops marched into the neighbouring country, leading international powers to impose crippling sanctions…