Australian shares headed for their biggest retreat in almost a month, dragging the MSCI Asia Pacific excluding Japan Index lower. Standard & Poor's 500 Index contracts signaled a third straight day of losses after Fed members attempted to talk up prospects for an interest-rate increase over the weekend. Copper declined with New Zealand's dollar and emerging-market currencies, while Australian bonds rose a second day. Japanese markets are closed through Wednesday.
"The key thing is that the markets are looking for global growth and we're not seeing any," Raymond Chan, the chief investment officer for Asia Pacific at Allianz Global Investors, which oversees about US$344 billion, told Bloomberg TV in Hong Kong.
"It's the US and China driving sentiment - it's pretty bad. I'd prefer if there was a US rate rise once and for all, and that would clear away all the uncertainty. Volatility is going to continue to exist for a long while."
Three Fed policy makers argued over the weekend that higher borrowing costs are still warranted in 2015, commenting after the central bank decided to stand pat amid global financial- market volatility and concern about the impacts of an apparent economic slowdown in China. Still, global anxiety levels got a boost Friday after a European central banker said the Fed remaining on hold vindicated
their view of the global economy and indicated stimulus could be boosted if needed.
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