Markets fear failure in U.S. debt talks

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Australia’s S&P/ASX 200 fell 0.3 percent to 4,163. Mainland Chinese shares fell slightly, with the benchmark Shanghai Composite Index inching down less than 0.1 percent to 2,415.13, its lowest close in almost one month.

Stocks that are heavily dependent on exports to the West have come under pressure recently, said Linus Yip of Hong Kong-based First Shanghai Securities. “The market right now is still worried about future economic growth, the European debt problem,” Yip said.

Chinese Vice Premier Wang Qishan, who oversees trade and finance, said this weekend that the global economic situation is “extremely serious” and predicted the malaise is likely to be long term, state media reported.

In Tokyo trade, Mazda Motor Corp. lost 5.1 percent and Panasonic Corp. lost 2 percent. South Korea’s LG Chem Ltd., which makes batteries for cars, lost 4.3 percent.

Benchmark crude for December delivery was down $2.36 at $95.31 a barrel in electronic trading on the New York Mercantile Exchange on Monday. The contract fell $1.41 to finish at $97.41 per barrel on the Nymex on Friday.

Pamela Sampson in Bangkok and Fu Ting in Shanghai contributed to this report.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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