Asia markets sink after US losses, eyes on Fed meeting

Asian markets retreated Monday following a fourth successive sell-off in New York, while investors await the Federal Reserve's next policy meeting looking for a handle on its plans for interest rates.

The dollar also remained weak after a disappointing read on the US housing market, while oil was also under pressure owing to a global supply glut.

Tokyo eased 0.41 percent, Hong Kong shed 1.48 percent, Shanghai gave up 1.49 percent, Seoul was 0.30 percent lower and Sydney was flat.

Investors took a lead from their US counterparts, who continued to cash out on Friday as data showing sales of new single-family homes fell in June and May sales were much lower than previously reported.

The news, which followed a downbeat Chinese manufacturing report, trumped forecast-busting earnings from Amazon.
Hong Kong (AFP) - Asian markets retreated Monday following a fourth successive sell-off in New York, while investors await the Federal Reserve's next policy meeting looking for a handle on its plans for interest rates.

The dollar also remained weak after a disappointing read on the US housing market, while oil was also under pressure owing to a global supply glut.

Tokyo eased 0.41 percent, Hong Kong shed 1.48 percent, Shanghai gave up 1.49 percent, Seoul was 0.30 percent lower and Sydney was flat.

Investors took a lead from their US counterparts, who continued to cash out on Friday as data showing sales of new single-family homes fell in June and May sales were much lower than previously reported.

The news, which followed a downbeat Chinese manufacturing report, trumped forecast-busting earnings from Amazon.
The euro changed hands at $1.0996 and 135.90 yen against $1.0977 and 135.89 yen in US trade.

Oil resumed its downtrend as demand weakens in the face of a slowing Chinese economy, weakness in Europe, oversupply and expectations of a flood of Iranian crude onto world markets.

US benchmark West Texas Intermediate (WTI) for September delivery fell 14 cents to $48.00 and Brent crude for September was down three cents to $54.59 a barrel in morning Asian trade.

The weak US data lifted gold as it pushed back expectations for an early US rate rise.

Bullion fetched $1,095.89 an ounce compared with $1,080.17 late Friday.

The precious metal has taken a hit in recent weeks as investors pull out of the safe haven looking for better returns elsewhere.