-- Hong Kong stocks extended losses on Tuesday as elevated oil prices and persistent tensions in the Middle East kept inflation concerns in focus.
The Hang Seng Index fell 245.87 points, or 1.0%, to close at 25,679.78, while the Hang Seng China Enterprises Index lost 111.51 points, or 1.3%, to 8,644.81.
An U.S. official said President Donald Trump was dissatisfied with Iran's latest proposal to resolve the two-month conflict.
The proposal would defer discussion of Iran's nuclear program until the conflict ends and shipping disputes in the Gulf are addressed, according to a Reuters report.
The impasse has left the conflict at a standstill, with flows through the Strait of Hormuz still largely disrupted, keeping oil prices above $100 a barrel.
Meanwhile, the U.S. Federal Reserve is widely expected to keep interest rates unchanged at the conclusion of its two-day meeting on Wednesday.
In corporate news, two firms made their debut on the Hong Kong bourse.
Shanghai Xizhi Technology (HKG:1879) closed nearly 389% higher at HK$895 compared with the offer price of HK$183.20.
Mabwell (Shanghai) Bioscience (HKG:2493, SHA:688062) gained nearly 1% to close at HK$27.80, versus its offer price of HK$27.64.