Overnight

Following U.S. Stocks sell off Friday Asian shares open the week weaker overnight. Flight of capital is moving to the front burner in those countries where higher U.S. rates would stampede a run for higher returns.

The Friday selloff in the U.S. Was the nastiest since the immediate post-Brexit one that came after a long summer where volatility remain essentially a no show. The VIX (U.S. volatility index) jumped the most since the U.K. referendum, gaining 39.9 percent."  The Hang Seng was off 2.&%; after a rough Friday, the  Kospi  poured more sodium chloride on the wound, declining 1.8% while the Nikkei 225 was lower 1.7% and the ASX 200 dropped 2.2%. In China the Shanghai a Composite shed 2.1% and the Shenzhen was down 2.01%.

This week's Fed speakers are still very much on investor minds. One media outlet reported:
The rising risk sentiment was because "one, the ECB did not extend QE, provoking a sell-off in bond markets, which fed into the medium to long-end U.S. bond curve. Two, traders have convinced themselves the Fed are marching out Leal Brainard, a mega-dove, to bang the Fed's September rate hike drum."

Brent was down 1.31 percent at $47.38 a barrel while U.S. futures were lower by 1.5 percent at $45.19. With all the concern about interest rate, Spot gold was trading nearly flat at $1,328.07 an ounce.  Onetime markets in Singapore, Malaysia, Indonesia, Sri Lanka and the Philippines were closed for public holidays.