Asian shares extended losses on Monday following last week’s selloff, with oil markets under pressure ahead of key Chinese data. Volumes may be light with Japan shut for a public holiday.
A raft of Chinese economic data this week will likely drive sentiment in Asia, beginning with September’s trade report today. Economists polled by Reuters expect imports to fall 2.7 percent in value terms from a year earlier, which would be the biggest drop in six months. On the bright side, exports are seen rising 11.8 percent on year, up from 9.4 percent in August.
Meanwhile, U.S. and Brent crude lost more than 1 percent in early trade, extending losses from last week, after Kuwait’s oil minister reportedly said on Sunday that the Organization of the Petroleum Exporting Countries (OPEC) is unlikely to cut production to support falling prices. Meanwhile, top exporter Saudi Arabia said that it was comfortable with oil prices below $90 a barrel.
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