Asian stocks closed mostly lower on Monday, as investors kept an eye on rising U.S. Treasury yields and digested declines in technology stocks seen stateside.
The Nikkei 225 Index dropped 74.2 points, or 0.3%, to end Monday at 22,088.04. Among sectors, insurers, banks and shippers led gains, while technology was a mixed bag.
In Hong Kong, the Hang Seng index plummeted 163.93 points, or 0.5%, to 30,254.40, as slight gains in financials were erased by losses in the technology sector.
Elsewhere, the Kospi closed lower ahead of an inter-Korea summit due to take place at the end of the week. Automakers and retailers declined as steelmakers climbed. Shinwon Corporation, a company that has exposure to North Korea, jumped 15.9%
Australian markets were up slightly, with the financials sub-index and gold producers leading gains.
Also of note was the move higher in U.S. Treasury yields, which has in turn supported the dollar. The yield on the 10-year Treasury note stood at 2.9789% in afternoon Asian trade after rising as high as 2.981% earlier, its highest level since January 2014.
Asian stocks had ended the last session with moderate losses after technology shares in the region took a hit on the back of weak guidance from Taiwan Semiconductor Manufacturing (TSMC) on Thursday.
Meanwhile, U.S.-China trade tensions that had spooked markets earlier in the month also weren't far from investors' minds after U.S. Treasury Secretary Steven Mnuchin on Saturday said a trip to China was "under consideration."
In other markets
In China, the CSI 300 eked up 5.48 points, or 0.2%, to 3,766.33
In Korea, the Kospi Index settled 2.22 points, or 0.1%, to 2,474.11
In Singapore, the Straits Times Index poked ahead 5.48 points, or 0.2%, to 3,579.54
In Taiwan, the Taiex Index faltered 82.25 points, or 0.8%, to 10,679.13
In New Zealand, the NZD 50 Index dipped 19.11 points, or 0.4%, to 8,303.62
In Australia, the ASX 200 Index regained 17.24 points, or 0.3%, to 5,886.01
