China and Asia Indexes Plunged as Oil Prices Crossed $115

Li Chen
09 Mar, 2026
Hong Kong

Stocks in China and Hong Kong plunged, tracking losses in Asia, as the conflict in the Middle East worsened. 

The Hang Seng Index decreased 2.6%, and the mainland-focused CSI 300 Index declined 1.7% as crude oil prices soared amid worries of prolonged supply disruptions. 

Brent crude oil prices jumped 25% to $116.32 a barrel after Kuwait, the UAE, and Iraq cut oil production following the closure of the Strait of Hormuz passage. 

Israel's unprovoked attacks on Iran, supported by the U.S. and UK, a week ago escalated as key Middle Eastern oil producers curtailed production amid a lack of storage facilities. 

Over the weekend, Israel struck Iranian oil storage depots and infrastructure, stoking fears of additional supply disruptions.

More than 80% of shipments of energy products through the Strait of Hormuz are destined for China, India, Japan, and Korea, highlighting the vulnerabilities of Asian nations.

Benchmark indexes in Japan dropped as much as 7%; in Korea, they fell 5%; in Australia, they declined 4%; and in Mumbai, they plunged nearly 3%. 

 

China 's Inflation Data Highlighted Mixed Views 

China's inflation data offered a mixed picture, and the worries of a lack of consumer demand weighed on the market sentiment. 

Consumer prices over the two-month period ending in February rose 0.8% from a year ago, according to the National Statistics Bureau. 

The two-month view smooths out the calendar shift in the Lunar Year, which arrived in February this year but fell in January last year.

Consumer prices jumped 1.3% from a year ago, largely because of the extended holiday period driving the demand higher. 

Core consumer prices over the two-month period, which excludes volatile food and energy prices, increased 1.3% from a year ago. 

China's producer price index, a measure of wholesale inflation, extended its deflation trend to the 41st month in a row in February. 

The measure of wholesale prices declined 0.9% from a year ago and narrowed the decrease from 1.4% in the previous month, the statistical agency reported in a separate report on Monday. 

However, on a monthly basis, producer prices rose 0.4%, a fifth consecutive monthly rise amid a slow recovery in demand.

 

China Indexes and Stocks 

The Hang Seng Index decreased 2.6% to 25,094.21, and the CSI 300 Index fell 1.7% to 4,583.49. 

Mining companies and tech stocks led the decliners in Hong Kong and Shanghai. 

Zijin Mining Group decreased 5.4% to HK $37.98, Zijin Gold International dropped 3% to HK $203.60, Alibaba Group fell 4% to HK $125.60, and Baidu Inc. fell 3.9% to HK $113.70.