Investing.com – Asian stock markets were mixed on Monday, amid ongoing uncertainty over the euro zone’s sovereign debt crisis and fresh fears over China’s economic outlook.
During late Asian trade, Hong Kong's Hang Seng Index dropped 1.2%, Australia’s ASX/200 Index climbed 0.9%, while Japan’s Nikkei 225 Index was closed for a public holiday.
On Friday, ratings agency Fitch downgraded the credit ratings of Italy and Spain, citing the worsening euro zone debt crisis and fiscal situation in both countries.
However, fears over the region’s debt crisis eased after German Chancellor Angela Merkel and French President Nicolas Sarkozy said Sunday that they have reached an agreement to recapitalize European lenders, though few details were provided.
Meanwhile, in Hong Kong, shares in the financial sector performed poorly after the Beijing Morning Post reported that Chinese central bank adviser Zhou Qiren said the country should maintain a prudent monetary policy.
Shares in the nation’s largest lender Industrial & Commercial Bank of China fell 3%, rival China Construction Bank retreated 1.9%, while Hong Kong-listed shares of HSBC Holdings fell 1.75%.
Property developers also contributed to losses after the China Real Estate Index System showed that Chinese house prices eased in September, while sales activity fell sharply during the Golden Week holiday last week, traditionally a peak period for property sales.
Property investment firm China Overseas Land & Investment plunged 5.05%, while shares in rival Evergrande Real Estate Group tumbled 7.7%.
In Australia, shares in raw material producers led gains after crude oil and precious metal prices advanced on the New York Mercantile Exchange, boosting earnings prospects for miners and energy explorers.
Mining giant Rio Tinto saw shares climb 1.5%, oil major Woodside Petroleum rose 1.35%, while iron ore producer Fortescue Metals Group added 1%.
Elsewhere, European stock markets were up after the open. The EURO STOXX 50 rose 0.45%, France’s CAC 40 added 0.4%, the FTSE 100 advanced 0.35%, while Germany's DAX gained 0.4%.
Later in the day, the euro zone was to release a report on investor confidence. In the U.S., debt markets will remain closed for the Columbus Day holiday, while stock markets will be open as usual.
During late Asian trade, Hong Kong's Hang Seng Index dropped 1.2%, Australia’s ASX/200 Index climbed 0.9%, while Japan’s Nikkei 225 Index was closed for a public holiday.
On Friday, ratings agency Fitch downgraded the credit ratings of Italy and Spain, citing the worsening euro zone debt crisis and fiscal situation in both countries.
However, fears over the region’s debt crisis eased after German Chancellor Angela Merkel and French President Nicolas Sarkozy said Sunday that they have reached an agreement to recapitalize European lenders, though few details were provided.
Meanwhile, in Hong Kong, shares in the financial sector performed poorly after the Beijing Morning Post reported that Chinese central bank adviser Zhou Qiren said the country should maintain a prudent monetary policy.
Shares in the nation’s largest lender Industrial & Commercial Bank of China fell 3%, rival China Construction Bank retreated 1.9%, while Hong Kong-listed shares of HSBC Holdings fell 1.75%.
Property developers also contributed to losses after the China Real Estate Index System showed that Chinese house prices eased in September, while sales activity fell sharply during the Golden Week holiday last week, traditionally a peak period for property sales.
Property investment firm China Overseas Land & Investment plunged 5.05%, while shares in rival Evergrande Real Estate Group tumbled 7.7%.
In Australia, shares in raw material producers led gains after crude oil and precious metal prices advanced on the New York Mercantile Exchange, boosting earnings prospects for miners and energy explorers.
Mining giant Rio Tinto saw shares climb 1.5%, oil major Woodside Petroleum rose 1.35%, while iron ore producer Fortescue Metals Group added 1%.
Elsewhere, European stock markets were up after the open. The EURO STOXX 50 rose 0.45%, France’s CAC 40 added 0.4%, the FTSE 100 advanced 0.35%, while Germany's DAX gained 0.4%.
Later in the day, the euro zone was to release a report on investor confidence. In the U.S., debt markets will remain closed for the Columbus Day holiday, while stock markets will be open as usual.