Hong Kong shares lead Asia lower; Tokyo and Shanghai closed

By ELAINE KURTENBACH
AP Business Writer

Shares have fallen  more than 3% in Hong Kong in holiday-thinned trading in Asia, with both Tokyo and Shanghai closed. Other regional benchmarks also fell Monday 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. Hong Kong property companies and banks lost ground on persisting concerns over the potential for ripple effects from the financial troubles of Chinese developer Evergrande. Oil prices fell and U.S. futures also declined.