Asian markets are set for a nervous open on Monday as worries mount that last week's equity selloff could accelerate, financial conditions continue to tighten, and investors brace for a raft of economic data from China throughout the week. Last week Apple's 6% slide wiped $180 billion off its market cap on news that Beijing had banned government employees from using iPhones at work. Tightening financial conditions from high bond yields and a strong dollar, and unease about the looming lag effects of the Fed's rate hikes are coming together in what has been historically a notoriously volatile month for stocks.
FILE PHOTO: An electronic board shows Shanghai and Shenzhen stock indexes in Shanghai - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist.
Broader market sentiment is fragile. The Nasdaq shed 2% last week, and the S&P 500, MSCI World and MSCI Asia ex-Japan Index all fell more than 1%. The dollar is at a six-month high, Asian currencies are feeling the heat, and traders are on intervention alert - India's rupee posted a record closing low on Thursday and the Japanese yen, Philippine peso and Thai Baht are at their lowest levels this year.
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