Shanghai stocks drop the most in 10 months amid commodity markets rout; Hong Kong shares down

Shanghai stocks experienced their largest drop in nearly 10 months, falling 2.5%, while Hong Kong shares faced their worst day since November, down 2.2%. This decline was driven by a rout in commodities markets, particularly in gold and industrial metals, following the appointment of Kevin Warsh as the next Fed chair, which raised concerns about prolonged high interest rates. Weak domestic demand and disappointing manufacturing data further dampened investor sentiment. Despite the downturn, some analysts see potential buying opportunities in the Chinese market, emphasizing the importance of stability.