INTERNATIONAL BUSINESS NEWS - Asian markets suffered major losses on Monday, extending a sell off that has touched nearly every corner of the globe.
China's smaller Shenzhen Composite lost 7.7%.
In Japan, the Nikkei closed down 4.6%, and Australia's ASX All Ordinaries shed 4.0%. Seoul's KOSPI Composite lost 2.5%. Asian currencies were trading lower against the U.S. dollar.
1. Concerns that China's economy is slowing faster than analysts had anticipated.
2. Uncertainty over when the U.S. Federal Reserve will raise its benchmark interest rate.
3. The effect of exceedingly cheap oil - crude is now trading near $40, its lowest point in more than six years.
