China's Stock Markets Close for Day After Sharp Fall
Chinese stocks plummeted nearly seven percent Monday - the worst first day of trading for the new year in China - prompting a halt to trading for the day on the Shanghai and Shenzhen exchanges.
European markets followed Asia's lead, opening lower, with Germany's DAX down more than four percent and the FTSE in London more than two percent lower.
Poor manufacturing data in the world's second-largest economy is mainly being blamed for the sharp selloff, along with rising tensions in the Middle East.
Japan's Nikkei index closed down 3 percent and Hong Kong's Hang Seng fell more than two-and-a-half percent.
The price of oil rose Monday, mainly over concerns in the Middle East with Saudi Arabia in a tense political dispute with Iran.
Sweden Imposes Border Controls to Stop Migrant Influx
Travelers passing from Denmark into Sweden will have to show photo identification starting Monday.
The move by Sweden is an attempt to stop the flow of undocumented migrants into the country known for its generous welfare system. The new measure means Sweden is closing its open-door migrant policy after receiving 160,000 migrants last year. Neighboring Denmark only took in 18,000.
Travelers have been warned to expect long lines on the Danish side of the Oresund Bridge, a major entry point for migrants seeking a new life in Sweden.
The re-introduction of the border controls between Sweden and Denmark means that travelers between the two Nordic countries will have to show their passports for the first time in more than 50 years.