Asian stocks pulled back sharply early Monday, tracking sharp declines on Wall Street last Friday, as investors fretted about the relentless slide in energy prices and declining manufacturing sentiment in Japan.
Japan’s benchmark Nikkei 225 trimmed losses early Monday, after dropping more than 300 points at the open, as a rebound in dollar-yen helped calm jitters caused by worsening business sentiment in the country.
China’s benchmark Shanghai Composite index opened down nearly 1 percent at the open after the central bank said in a report on Sunday that the mainland’s economic growth could slow to 7.1 percent in 2015 from an expected 7.4 percent this year.
Australia’s benchmark S&P ASX 200 index hovered near a nine-week low early Monday as energy and mining stocks were battered by the turmoil in commodity markets.
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