Meanwhile, in Asia, Australia’s S&P/ASX 200 index bucked the trend, inching up by 0.13% at the start of trading.

According to preliminary purchasing managers index data from S&P Global, Australia’s business activity grew at a slower rate in December. The composite PMI slipped to 51.1 compared to 52.6 in November, indicating a more modest expansion.

Over in Asia, Australia’s S&P/ASX 200 started the day up 0.13%.

Flash purchasing managers index numbers from S&P Global showed that business activity expanded at a slower pace in Australia in December, with the composite PMI falling to 51.1 from November’s 52.6.

Japan’s Nikkei 225 fell 0.94%, dragged by basic materials and real estate stocks, while the Topix dropped 0.96%. Japan’s flash composite PMI also indicated a softer expansion in December, coming in at 51.5 compared to the previous month’s 52.

South Korea’s Kospi continued to slide for a second straight day as it opened 1.13% lower, while the small-cap Kosdaq was 1.8% down.

Shares of Korea Zinc plunged as much as 11.24% after the company reportedly agreed to sell $1.9 billion of shares to a joint venture controlled by the U.S. government and unnamed U.S.-based strategic investors, according to Reuters.

Medical treatment company ADEL signed a drug development deal with French pharma giant Sanofi worth up to $1.04 billion, according to the South Korean-based company late Monday.

Hong Kong’s Hang Seng index futures were at 25,574, lower than the HSI’s last close of 25,628.88.