Asian shares extend losses

Asian markets sank further in holiday-thinned trade on Monday, following another global sell-off caused by anxieties over emerging markets and further disappointing manufacturing data out of China. The euro remained under pressure after tumbling in New York in response to weak eurozone inflation that added to fears of deflation in the currency bloc. Tokyo fell 1.24 percent by the break, Sydney slipped 0.26 percent, Seoul was 1.02 percent lower and Manila dipped 0.66 percent, while Singapore was 1.00 percent off. Shanghai, Hong Kong, Taipei and Kuala Lumpur were closed for public holidays. Global equities tanked last week after the US Federal Reserve said it would further cut its stimulus programme, sparking fears of a flight of capital from developing nations while also sending their currencies plunging against the dollar. Even figures showing the US economy grew much quicker than expected were unable to staunch the bloodletting, according to AFP.