A man looks at an electronic board displaying stock information at the Australian Securities Exchange, operated by ASX Ltd. on March 16, 2020 in Sydney, Australia.

Brendon Thorne | Getty Images

Australia stocks fell more than 1% on Monday morning on a quiet day in the region, with a few major markets closed.

The S&P/ASX 200 was 1.47% lower in early trade.

Markets in Japan, South Korea, Taiwan and Malaysia are closed for holidays Monday. Mainland China markets will return to trade after the Golden Week holiday.

Later this week, the Bank of Korea will be holding its policy-setting meeting, Singapore is set to announce its GDP estimate for the third quarter and China releases inflation data.

Taiwan Semiconductor Manufacturing Company and Japan’s Fast Retailing will report earnings and the U.S. will release inflation data for September.

On Friday in the U.S., major stock indexes dropped more than 2% after data showed the unemployment rate declined in September, sparking fear that the Federal Reserve would continue hiking rates aggressively.