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Chinese shares plunged on Wednesday, with Shanghai’s benchmark down 6.6% and Hong Kong’s sliding 1.5%, while other world markets mostly advanced. European stocks opened flat. France’s CAC 40 rose 0.2% to 7,538.08, and Germany’s DAX was little changed at 19,070.69.

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LONDON (Reuters) -The global economy could face losses of $14.5 trillion over a five-year period from a hypothetical geopolitical conflict which hits supply chains, insurance market Lloyd's of London said on Wednesday. The economic impact would result from severe damage to infrastructure in the conflict region and the potential for compromised shipping lanes, Lloyd's said in a statement. "With more than 80% of the world's imports and exports – around 11 billion tons of goods – at sea at any given time, the closure of major trade routes due to a geopolitical conflict is one of the greatest threats to the resources needed for a resilient economy," Lloyd's said.

Chinese stocks tumbled on Wednesday alongside their Hong Kong peers, as investors sought to profit from a blistering rally, which was dampened by the lack of powerful stimulus measures to revive the economy. Benchmark indexes in China notched their biggest daily losses since the COVID-19 pandemic began, despite the announcement of a finance ministry press conference on Saturday to detail plans on fiscal stimulus. The Shanghai Composite index slid 6.6% to 3,258.86 points, while the blue-chip CSI300 index declined 7.1% to 3,955.98 points.

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