Asian shares make sharp losses between global comedown

Asian shares have headed sharply lower, following the comedown in global equities as fears over growth and lower commodity prices grow.

Japanese shares hit an eight-month low as investors awaited the Bank of Japan's tankan quarterly business confidence survey, due on Wednesday. Investors are looking for signs of growth in the Japanese economy, which has struggled to pick up momentum after shrinking in the second quarter.

The Nikkei index was down 3.2%. The bench mark was at 17, 086.27 points after falling to its lowest level since January in early trading.

Weak Chinese industrial profits on Monday added to worries about the world's second largest economy. The Shanghai Composite was down 1.1% at 3,065.38 while Hong Kong's Hang Seng was down 3.2% at 20,504.23. The Market was closed on Monday.

Investors are looking ahead to manufacturing surveys on Thursday for more information on the extent of the slowdown in China.

Miners down

Hong Kong-listed shares of commodity trader Glencore fell 27% to a record low of 9 Hong Kong dollars (£0.77), following a similar drop in London.

Shares of Australian mining heavyweights BHP Billiton and Rio Tinto were also down more than 5% after rival Glencore lost almost a third of its value in Monday trading on debt concerns.

"Glencore's rumoured reverse takeover of Rio Tinto at the start of the year is now seen as extreme debt risk considering the state of its balance sheet today – a blessing in disguise that the deal wasn't done," said Evan Lucas, market strategist at trading firm IG in a note.

The Australian benchmark S&P/ASX 200 index was down 2.6% at 4,979.60 points.

Markets in South Korea are closed for public holidays.