Lower oil prices and a muddy outlook for U.S. interest rates dragged down stock markets in Japan and Hong Kong on Tuesday.

Tokyo’s Nikkei 225 slumped 2.4 percent to end at 15,733 while Hong Kong’s Hang Seng, reopening after Monday’s public holiday, slid 1.6 percent to finish the session at 20,177. Shanghai fared better, gaining 1.5 percent to end at 3,053.

Fast Retailing was hit hard today, shedding 4.2 percent to end at 32,020 yen. The company releases its second-quarter earnings Thursday. Similarly Global Brands lost 3.2 percent to finish at 0.900 Hong Kong dollars. Isetan Mitsukoshi lost 2.5 percent to finish at 1,213 yen.

It was a brighter day for Chow Tai Fook, which gained 1.2 percent to end at 4.88 Hong Kong dollars. Esprit rose 1.7 percent to end at 7.12 Hong Kong dollars.