U.S. markets closed significantly lower. The DOW JONES lost -0.59% closing at 17,852.48 points and the S&P 500 declined -0.73%, its biggest loss since October with a final quote of 2,060.31 points. The slump in oil prices weighed on the energy sector. Markets see profit taking after the recent rally as we are approaching the end of the year.

Hong Kong's Hang Seng is trading -2.45% at 23,458.39. China's Shanghai Composite closed at 2,859.92 points, a loss of -5.31%. After a very volatile trading session with very high volumes the index saw its biggest decline since 2009. After the recent rally and questions raising about its sustainability the markets see a lot of profit taking.

Japan's Nikkei lost -0.68% closing at 17,813.38, as the yen recouped losses and traded around USD120 after Friday's new lows as exporters declined and energy shares lost due to a five-year low in oil-prices.