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Markets in Asia traded lower Monday as worries over China and low commodity prices continue to dampen investor sentiments. The Chinese markets opened in negative territory with the Shanghai composite down 2.51 percent after losing all of its 2015 gains last week, falling by 9.97 percent in just five days. The Shenzhen composite was down 3.28 percent.
Australian market was in the red, with the main ASX 200 index down 2 percent, with gold the only sector posting gains. The energy, materials and financials sectors weighed, with those indexes down 2.76, 3.10, and 1.77 percent respectively. The Australian dollar fell below 70 cents to a dollar, trading at 0.6942.
Over on Wall Street
In the US, major indexes closed the first trading week of the year in the red as global economic concerns outweighed an above-expectation jobs number for December.
The Dow Jones industrial average lost 6.1 percent for the week, closing at 16,346.45. The S&P 500 shed 5.96 percent for the week, down at 1,922.03 while the Nasdaq composite was down 7 percent at 4,270.78.