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Most markets sink as China rate cut fails to ease economy worries

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Most Asian markets fell Monday as China's decision to cut interest rates again failed to reassure investors, who are growing increasingly worried about the outlook for the world's number two economy. While the Fed and others contemplate more increases, the People's Bank of China on Monday announced another cut in bid to kickstart the sputtering economy.

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Investors will be keeping a close eye on a speech by Federal Reserve boss Jerome Powell at Jackson Hole, Wyoming, this week.

While the Fed and others contemplate more increases, the People's Bank of China on Monday announced another cut in bid to kickstart the sputtering economy.The decision to lower the one-year loan prime rate, which serves as a benchmark for corporate loans, comes after a reduction in June and leaves it at a historic low.

The announcement did little to soothe worried investors, who are calling for leaders to unveil more concrete measures to boost growth.In early trade, Hong Kong led losses, extending a sell-off to a seventh straight day and leaving it more than 20 percent down from its January high. The Jackson Hole gathering is now firmly in traders' sights with Fed chief Jerome Powell due to speak, along with European Central Bank boss Christine Lagarde.

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