Shares in Asia plunged on Monday, amid mounting concerns over the stability of global economic recovery due to the spread of the Delta variant. Recent US data painted a mixed scenario; while in China, the National Bureau of Statistics said recently that the foundation of the Chinese recovery still needs to be consolidated. The Hang Seng Index slumped 3.4% to 11-month lows, as China defended its regulatory crackdown in a private meeting with Wall Street executives. Shares of Evergrande Group plummeted over 15% to its lowest in 11 years, on default risks with a fast-approaching deadline for payment obligations this week.

The ASX slipped 2.1%, diving to a 2-month low, on COVID-19 situations in Australia, with Victoria state today logging its biggest daily rise in new virus cases this year with 567 infections. The SSE is closed for the Mid-Autumn Festival. Markets in Japan and South Korea are also shut for public holidays.