Hong Kong stocks fell more than 1 percent to a two-week low tracking losses in global equity markets amid lingering economic worries and concerns over the health of European banks.

The Hang Seng index fell 1.8 percent to 21,739.12 points, while the China Enterprises Index lost 1.7 percent to 8,978.33.

Hong Kong markets were closed on Tuesday due to Typhoon Nida.

Hong Kong’s PMI contracted for 17th month in July, signalling continuing weakness in overall operating conditions in the city’s private sector.

Most sectors fell, with energy shares among the worst performers on renewed weakness in oil prices.

HSBC fell 1.7 percent in the morning session, but reversed losses to end at a three-month high.

Europe’s biggest bank reported core first-half profit fell 29 percent, below estimates, as revenue was hit by slowing economic growth in its key markets of Britain and Hong Kong.