Hong Kong financial stocks came under broad pressure, with AIA (ASX: 01299) falling 5.5% to HK$69.55, Standard Chartered (ASX: 02888) dropping 5.73% to HK$230.4, HSBC Holdings (ASX: 00005) declining 4.62% to HK$150.7, and Dah Sing Banking Group (ASX: 02356) slipping 4.32% to HK$14.39.

On the news front, US and European government bond yields surged, with the US 10-year Treasury yield hitting its highest level since 2002 and the US 30-year Treasury yield rising to its highest in 24 years. Additionally, the UK 30-year gilt yield climbed above 6% for the first time since 1998, while the French 10-year government bond yield rose to 4.96%, marking another new high since 2002.

Market analysts attribute the pressure on Hong Kong financial stocks mainly to the overseas market sell-off and global bond market volatility. Europe's fiscal situation was already under strain, and the high interest rate environment has further deepened market concerns; Hong Kong's free capital flow makes it prone to rapid selling pressure during risk-off periods.