Asian shares slid to their lowest levels since late 2011 on Monday (January 18) after weak U.S. economic data and massive falls in oil prices stoked further worries about a global economic downturn.
Oil prices fell as much as four percent on Monday, with international benchmark Brent futures falling below $28 per barrel, touching their lowest level since 2003.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.0 percent in early trade, extending its fall so far this month to over 11 percent.
On Wall Street, S&P 500 hit a 15-month low on Friday (January 15), ahead of a market holiday on Monday for Martin Luther King Jr. Day.
Following Friday’s big sell-off on Wall Street, Japan’s Nikkei share average dived to a one-year low on Monday morning.
The Nikkei fell 2.3 percent to 16,759.23 in early morning trade, the lowest level since January 16, 2015. The broader Topix dropped 2.3 percent to 1,370.98 and the JPX-Nikkei Index 400 declined 2.2 percent to 12,351.66.
In China, shares opened sharply lower, before recovering to bounce in and out of positive territory. The Shanghai Composite Index was down 0.2 percent at 0220 GMT, while the CSI300 index was flat.
Hong Kong’s main share index continued to slide, adding to last week’s losses that saw it shave 4.6 percent off its value to hit levels not seen since September 2012.
The Hang Seng index of leading shares was down 1.2 percent, to 19,287.38 points.
South Korean shares also skidded to near 5-month lows early.
The Korea Composite Stock Price Index (KOSPI) was down 0.3 percent at 1,872.40 points as of 0222 GMT, after falling as much as 1.3 percent to its lowest intraday level since late August, 2015.
Australian started the week on a sour note, the S&P/ASX 200 index fell 0.8 percent or 40.5 points to 4,852.3 by 0117 GMT.
It briefly touched its lowest in 2-1/2-year, but managed to recoup some losses after investors cheered a shake up in the nation’s hardware industry. (Reuters)
