"The rout in financial markets intensified Monday, as global stocks and commodities extended last week's steep declines and Dow futures tumbled more than 600 points. European stocks and U.S. stock futures dived after a sharp selloff in Chinese shares accelerated, wiping out gains for the year. Oil prices continued to drop, while Treasurys gained as investors sought the relative safety of government bonds. Futures indicated opening declines of 3.9% for the Dow Jones Industrial Average and 3.4% for the S&P 500. The Dow entered a correction on Friday, falling 10% from its recent peak, following its worst week since 2011. Changes in futures aren't necessarily reflected in market moves after the opening bell," The Wall Street Journal reports.

The New York Times writes, "Japanese Prime Minister Shinzo Abe will not attend a military parade in China next week to commemorate the end of World War II, the government's top spokesman said Monday. Chief Cabinet Secretary Yoshihide Suga told reporters the decision was made because of Abe's parliamentary schedule. The government may also have been concerned about the possible anti-Japanese tone of an event marking the country's surrender in 1945. "The decision was made taking into consideration parliamentary proceedings and other situations," Suga said. But he added that Abe told parliament recently that he hoped the theme of the event "would not be anti-Japanese."

Reuters reports, "Oil prices fell 4 percent to fresh 6-1/2 year lows on Monday, after Chinese stock markets suffered their biggest one-day drop since the global financial crisis, intensifying worries over the outlook for global oil demand. Growing concerns of a China-led global economic slowdown sparked sharp declines in global equities and commodities, with around 400 billion euros wiped off Europe's FTSEurofirst 300 .FTEU3 stocks index. "Today's falls are not about oil market fundamentals. It's all about China," Carsten Fritsch, senior oil analyst at Commerzbank in Frankfurt, told the Reuters Global Oil Forum. "The fear is of a hard landing and that things get out of the control of the Chinese authorities."