Chinese stocks are being hurt by a dispute between China and Japan over disputed islands that have heightened tensions between Asia's two biggest economies.
They're also under pressure as investors worry about what Chinese authorities will do to restart growth amid the country's economic slowdown. Wong said it's unlikely that Chinese authorities will unveil any major stimulus measures ahead of the National Day holiday next week or an expected but still unscheduled Communist Party meeting to hand over power to a new generation of leaders.
"This inaction by the Chinese government also weighs," Wong said.
Asian markets were also reacting to some downbeat economic reports released over the weekend. The U.S. Labor Department said that the unemployment rate rose in more than half of states last month, the latest evidence that hiring remains tepid across the world's biggest economy. The World Trade Organization, meanwhile, cut estimates for global trade growth for this year and next. Both reports came out on Friday after Asian markets closed.In Tokyo, camera maker Canon Inc. slid 3.7 percent and global automaker Honda Motor Co. dropped 1.8 percent. Australian mining giant Rio Tinto Ltd. lost 2 percent. In currencies, the euro weakened to $1.2910 from $1.2989 in late trading Friday while the dollar fell to 77.97 Japanese yen from 78.15 yen. U.S. benchmark crude for October delivery was down 84 cents to $92.05 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 47 cents to settle at $92.89 on Friday.
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