CSI 300 index was down as much as 2% intraday.

Judo Bank economic adviser Warren Hogan said the Reserve Bank of Australia remains uneasy about the inf outlook and keeps the option of further rate hikes open. Despite escalation in the Iran conflict, Brent crude is only around $77/bbl, and market pricing suggests any supply shock will be contained rather than persistent. The RBA wants greater confidence that the fuel-price shock will not have lasting effects; it has not reached that level of certainty.

Iran said on July 13 the U.S. military struck a water pumping station in Mahshahr in southwestern Iran, killing one person and wounding four.