Asian shares opened mostly lower on Monday after a retreat on Wall Street spurred by disappointing economic data and corporate earnings. Oil prices also slipped.
Investors are awaiting the next move by the U.S. Federal Reserve, which is expected to raise its key interest rate again on Wednesday as it strives to beat back inflation.
The highest-profile report will likely be Thursday, when the Commerce Department will release its first estimate of the economy's output in the April-June quarter. "While rising jobless claims, softer home sales, and a buildup in gasoline inventory show the Fed front-loading rate hikes are causing a slowdown and bringing inflation under control, the issue is at what cost," Stephen Innes of SPI Asset Management said in a commentary.
The Dow Jones Industrial Average declined 0.4% to 31,899.29. It held up better largely because constituent American Express gave an encouraging earnings report and said its cardholders were spending more.
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