Asian Equities Lower on Soft Commodity Prices

Asian stocks were off to a dismal start to the week on the back of offshore declines and as the fall in commodity prices continues to sap risk appetite.

West Texas Intermediate (WTI) oil futures shed 0.2 percent to $48.04 a barrel in early Asian trade, while Brent crude opened flat at $54.59 a barrel. Meanwhile, spot gold dipped 0.3 percent, touching $1,095.50 an ounce early Monday. For the past five sessions, the precious metal tumbled over 3 percent, hurt by expectations that the Federal Reserve is on track to raise interest rates for the first time in nearly a decade.

Wall Street handed over a negative lead, with the U.S. indexes finishing about 1 percent lower each on Friday, as signs of slower global growth weighed on sentiment.