Hong Kong Stocks Plunge on Rising Oil Prices and Inflation Fears

Hong Kong stocks tumbled on Thursday as investors grew increasingly anxious about rising oil prices and inflationary pressures, sparked by escalating tensions in the Middle East.

The Hang Seng Index plummeted 320 points, or 1.3 percent, to 24,954, with the tech index falling 90 points, or two percent, to 4,330.

The China Enterprises Index also took a hit, dropping 94 points, or 1.1 percent, to 8,274, as traders and analysts waited with bated breath for US inflation data due this week.

Analysts at OCBC Bank noted that the September FOMC decision remains a close call, pending the release of US CPI numbers, which could have significant implications for global financial markets.