Asian share markets took a step back on Monday, while the Australian dollar dropped after no clear winner emerged from a weekend election. Activity across much of the region was subdued as investors took stock of the potential economic fallout from the Brexit vote after days of volatile trade, and as US financial and commodity markets will be closed on Monday for the Independence Day holiday.
While Australian politics usually have a muted impact on markets, the current situation suggests that possible policy paralysis ahead which could pose a threat to the country's triple A credit rating. MSCI's broadest index of Asia-Pacific shares outside Japan .
MIAPJ0000PUS was down 0.2 percent in early trading, while Japan's Nikkei stock index was down 0.6 percent. Australian shares dropped 0.2 percent. The Reserve Bank of Australia (RBA) will hold its July board meeting on Tuesday, and almost all 37 economists polled by Reuters last week expect it to keep the cash rate unchanged at a record low 1.75 percent.
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