Tokyo Nikkei 225 down 1.16%, S&P ASX 200 down 0.50% (Il Sole 24 Ore Radiocor) - Tokyo , 22 Jul - Asian shares closed lower, with MSCI's broadest index of Asia-Pacific shares outside Japan 0.7% and further retreating from a more than two-year high.

The benchmark index shed 3% last week.

Political uncertainty kept sentiment in check as investors digested news that US president Joe Biden had dropped out of the presidential race and endorsed vice president Kamala Harris as the Democratic nominee.

A surprise rate cut by China's central bank failed to lift sentiment.

The People's Bank of China slashed short-term rates by 10 basis points, sending long-term borrowing costs and bond yields lower. On Sunday Beijing's released a policy document outlining its ambitions for the economy.

Investors awaited GDP data from South Korea and the US on Thursday, as well as factory activity data from around the region during the week.

The Nikkei index closed down 1.16% at 39,599 points, in Sydney the S&P ASX 200 closed down 0.50% at 7,931 points, while in Seoul the KOSPI closed down 1.14% at 2,763 points.

The Shanghai Composite index was down 0.77% at 2,959 points and the Hong Kong Hang Seng index was up 0.83% at 17,562 points. In Mumbai the Sensex index rose 0.04% to 80,635 points.

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(RADIOCOR) 22-07-24 09:01:51 (0132) 5 NNNN