Asian Market Update : Epic Research Malaysia

Steep weekly falls on Wall Street pressured Asian shares on Monday, as concerns over geopolitical tensions and Argentina's debt default eclipsed US economic data that argued against an earlier start to the Federal Reserve's rate-tightening cycle.

Japan's Nikkei average fell 0.4 per cent while MSCI's broadest index of Asia-Pacific shares outside Japan was off 0.05 per cent.

Investors were cautious after the US S&P 500 lost 2.7 per cent last week, its biggest weekly decline since the week ending June 1, 2012, hitting two-month lows.

European shares, which have been weighed down for months on concerns over US fines on some of the major European banks as well as problems at the biggest bank in Portugal, fell to 4 1/2-month lows on Friday.

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