Hong Kong shares lead Asia lower; Tokyo and Shanghai closed

Shares have fallen nearly 4% in Hong Kong in holiday-thinned trading in Asia, with both Tokyo and Shanghai closed

Shares fell nearly 4% in Hong Kong on Monday in holiday-thinned trading in Asia, with other big markets in Tokyo and Shanghai closed.

Other regional benchmarks also fell after Wall Street wrapped up last week with another decline.

Investors are watching to see whether the Federal Reserve will take any action to address the impact of rising prices on businesses and consumers.

Worries are mounting, also, about the U.S. debt ceiling. House Democrats said Friday they planned to move this week to suspend the cap on the government’s borrowing authority, and the White House ratcheted up pressure on Republicans by warning state and local governments that severe cuts lie ahead if the measure fails in the Senate.