HK stocks slip as tech woes, oil spike weigh on region

Asian equities fell sharply on Tuesday led by technology shares as a widening conflict in the Middle East kept oil prices elevated, supporting the US dollar ahead of an ⁠earnings season that will set the tone for the rest of the year. In Hong Kong, the benchmark Hang Seng Index opened down 99 points, or 0.41 percent, at 24,172. The China enterprises index was 32 points, or 0.39 percent, lower at 8,136 and the tech index slid 39 points, or 0.96 percent, to 4,129. Across the border, the Shanghai Composite Index fell 36 points, or 0.96 percent, to open at 3,760. The Shenzhen Component Index dived 221 points, or 1.79 percent, to 12,163 while the ChiNext Index plunged 64 points, or 2.18 percent, to 2,899. Energy prices are back driving global markets as investors weigh the geopolitical developments in the Middle East and Russia-Ukraine, with Brent crude futures at US$105.9 per barrel, near a two-week high. Oil markets have been volatile as investors contend with the supply risks from attacks on Saudi Arabia while considering the prospect of additional diesel supplies from Russia. "Markets are rediscovering that geopolitics matters most when it feeds back into inflation," said Charu Chanana, chief investment strategist at Saxo in Singapore. "The...