Siemens shares fell about 2%.

The Times reported on Monday that Chancellor John Healey has decided not to raise capital gains tax in his first budget on Oct. 28 and will prioritise growth and business investment instead. After warnings that a CGT increase could prompt wealthy residents to emigrate or defer asset disposals—ultimately reducing receipts—Healey abandoned the measure. The new budget’s main revenue-raising measure is expected to be a levy on banks, with proceeds earmarked for a temporary, targeted cost-of-living support package. The Treasury declined to comment. Healey faces pressure to raise billions of pounds to offset higher government borrowing costs and to fund Prime Minister Andy Burnham’s plans to boost defence spending and expand social care.

Hong Kong open: Hang Seng Index down 0.81%, Hang Seng Tech down 1.28%. Semiconductor names lag — Huahong Hongli (01347.HK) down 3.74%, SMIC (00981.HK) down 2.67%.