It hasn't been a great morning for a lot of Asian markets, but the standout loser is Hong Kong's Hang Seng Index, which is down more than 3 per cent and has now entered correction territory.
The benchmark Hang Seng fell as much as 3.7 per cent to 25,088.5, which puts it on track for its biggest one-day decline since November 20, 2011.
The Hang Seng reached a post-financial crisis high close of 28,442.8 on April 28, and gradually drifted lower since. But today's drop means the index is now down 11.8 per cent from that level, meaning it has entered a technical correction (see graph). Gains for the year have been whittled to 6.9 per cent.
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