Asia stocks extend losses after Wall Street tumble

HONG KONG – Asian stocks markets extended their slide Monday after Wall Street suffered its biggest rout since the depths of last year's financial crisis.

Most markets dropped by about 1 percent or less as the region headed for its fourth day of losses. The dollar eased against the yen and the euro, while oil prices were little changed below $75 a barrel.

Investors continued to cut back their bets on stocks after U.S. markets tumbled Friday to their worst three-day showing since they hit bottom last March.

Uncertainty over the ultimate effects of U.S. President Barack Obama's bank reform plan was cause for more caution, analysts said, as were worries about earnings results from American companies and rising opposition to Federal Reserve Chairman Ben Bernanke's reappointment.

In Asia, investors already on edge about China's economy and moves to prevent overheating were further unnerved after Bank of China announced plans to raise some $5.8 billion to replenish its capital and meet government standards. The country's bank stocks were hit hard as a result.

In Japan, the Nikkei 225 stock average fell 60.24 points, or 0.6 percent, to 10,530.31, and Hong Kong's Hang Seng fell 183.76 points, or 0.9 percent, to 20,542.42.

Elsewhere, South Korea's market dropped 14.85 points, or 0.9 percent, to 1,669.50. China's Shanghai index lost 0.6 percent, Australia's market was down 0.7 percent and India's benchmark shed 0.6 percent.

Wall Street was poised for a higher open after U.S. futures gained ground.

Friday in the U.S., the Dow Jones industrial average slid 216 points, or 2.1 percent, to 10,172.98.

The Standard & Poor's 500 index fell 24.72, or 2.2 percent, to 1,091.76. The index is down 5.1 percent in three days, its worst drop since March 2009.

Oil prices lingered below $75 a barrel in Asia, with benchmark crude for March delivery up 4 cents to $74.58 a barrel. The contract lost $1.54 to settle at $74.54 on Friday.

The dollar weakened to 90.07 yen from 90.31 yen. The euro was flat at $1.4159.