Stock market today: Asian stocks decline after Wall Street logs its worst week in the last 10

Major Asian equity markets were trading lower after Wall Street logged its worst week in the past 10 on Friday

HONG KONG -- Major Asian stock markets retreated on Monday after Wall Street logged its worst week since Halloween.

U.S. futures were lower even after Congressional leaders reached an agreement on overall spending levels for the current fiscal year that could help avoid a partial government shutdown later this month.

Oil prices fell after Saudi Arabia on Sunday cut oil prices to Asian markets to their lowest level in 27 months.

Hong Kong’s Hang Seng sank 1.9% to 16,187.00, led by technology shares, which dropped 2.4%. The Shanghai Composite index slipped 1.2% to 2,894.58.

China announced sanctions Sunday against five American defense-related companies in response to U.S. arms sales to Taiwan and U.S sanctions on Chinese companies and individuals. The announcement was made less than a week ahead of a presidential election in Taiwan that is centered around the self-ruled island's relationship with China, which claims it as its own territory.