Global Market: China, Hong Kong stocks slide as oil surge fuels inflation concerns

China's CSI300 and Shanghai Composite fell 1.2%, while Hong Kong's Hang Seng dropped 1.7% as Brent crude surged above 100 dollars a barrel following US President Trump's warning of military action against Iran and Houthi allies, stoking inflation and tighter monetary policy fears. Investor caution was amplified by the upcoming mega IPO of Chinese memory chipmaker CXMT, which is expected to absorb liquidity from fragile markets. All eyes are now on China's July Politburo meeting for signals on additional stimulus measures to support growth.