Heavyweight trading houses such as Mitsubishi, Mitsui and Co, Sumitomo and Marubeni all plunged more than 10%.as investors awaited key trade data from China and Taiwan this week, as well as central bank decisions from Australia and India.
Japan's markets led losses in the region as the Nikkei 225 and Topix dropped as much as 7% in volatile trading. Heavyweight trading houses such asAt these levels, both the Nikkei and Topix are nearing bear market territory, having fallen almost 20% from their all-time highs on July 11.On Monday, S&P Global will release service sector activity figures for countries around the region, including India and China.
The Reserve Bank of Australia kicks off its two-day monetary policy meeting Monday. Economists polled by Reuters expect the central bank to hold rates steady at 4.35%, but markets will monitor the monetary policy statement for clarity on whether the RBA is still considering a rate hike.The Nasdaq was the first of the three major benchmarks to enter correction territory, down more than 10% from its record high. The S&P 500 and Dow were 5.7% and 3.9% below their all-time highs, respectively.
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