Stock markets across Asia accelerated their losses late Monday, with the Shanghai Composite leading the selloff with a more than 7 percent decline, as investors tracked Wall Street's lackluster performance Friday and awaited some key events in the US this week.
President Bush is scheduled to deliver his State of the Union address later today and investors are expecting an update on the government's proposed 145 billion-dollar stimulus plan.
On Tuesday, the Federal Reserve kicks off its first meeting of the year. Fed fund futures traded on the Chicago Mercantile Exchange show markets pricing in another 25 basis-point move at its conclusion Wednesday, scaling back expectations for a bigger move following last week's surprising 75 basis-point intrameeting cut.
On Friday, the US Labor Department will release the January jobs report.'Many investors are taking a wait-and-see attitude ahead of a series of events this week,' said Won Jong-Hyuck, an analyst at SK Securities in Seoul.
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