Hong Kong stocks tumble on Fed rate worries

Hong Kong shares suffered more painful losses on Thursday as global markets were sent spinning after a hawkish Federal Reserve boss Jerome Powell fanned fears the US central bank will embark on an aggressive period of interest rate hikes to battle inflation.

The Hang Seng Index tanked 2 percent, or 482 points, to 23,807.

The Shanghai Composite Index dived 1.8 percent, or 61 points, to 3,394, while the Shenzhen Composite Index shed 2.9 percent, or 66 points, to 2,262. (AFP)