Hong Kong tech shares weakened in afternoon trade: Alibaba Group (09988.HK) down nearly 5%; Xiaomi (01810.HK) and Tencent Holdings (00700.HK) off more than 3%; Kuaishou (01024.HK) and JD.com (09618.HK) also lower.

Bank of England deputy governor Lombardelli said eurozone inflation data show the UK is not the only economy being affected by energy prices.

Italy is reviewing a bill to impose a 26% exit tax on unrealised capital gains for individuals who transfer tax residency abroad and hold financial assets exceeding €800,000 (~$900,000); the proposal is under parliamentary review. The measure is aimed at Italian citizens and long-term residents and may not apply to foreign ultra-high-net-worth individuals who relocated to Italy recently. The sudden policy turn could undermine perceptions of tax and political stability that have attracted wealthy investors to Milan. Francesco Guelfi, a partner at a Milan law firm, said the draft resembles a complex form of wealth tax and gives the impression Italy is becoming a "golden cage" for the rich.