BANGKOK – U.S. futures dropped 4% and Australia's share benchmark initially plunged 8.5% as work on more stimulus for the U.S.
economy hit snags in the U.S. Senate. India's Sensex plummeted 9.4%. Singapore's benchmark plunged 7.3% after the city announced a sharp increase in confirmed infections and its first two deaths.
Shares initially dropped more than 4% in Hong Kong and fell 5% in South Korea. The Shanghai Composite index lost 1.6%. However, Japan's Nikkei 225 index held steady, gaining 1.9% by midday Monday.
Investors appeared to be encouraged by the likelihood the International Olympic Committee might postpone, rather than scrap, the Tokyo Games.