Shares in Asia were mostly lower on Monday, with Tokyo the only major regional market to advance, after Wall Street wheezed to more losses with its worst week in six months.Worries over China’s property sector, a U.S. government shutdown and the continued strike by American autoworkers were weighing on investor sentiment.
On Friday, the S&P 500 slipped 0.2% to 4,320.06 while the Dow Jones Industrial Average was off 0.3% at 33,963.84. The Nasdaq composite dipped 0.1% to 13,211.81. The retreat has deepened with Wall Street’s growing understanding that interest rates likely won’t come down much anytime soon. Auto workers want improved pay and benefits, and a prolonged strike could put upward pressure on inflation if shortages send prices higher.
When bonds pay more in interest, investors are less willing to pay high prices for stocks, especially those seen as the most expensive or those that force investors to wait for big growth in the future.
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