China stocks reversed losses on Monday, rebounding off five-year lows, while most Asia markets kickstarted the holiday-shortened week largely lower on fears of higher-for-longer interest rates.
In Japan, the Nikkei 225 jumped 196.14 points, or 0.5%, to 36,158.02.
In Hong Kong, the Hang Seng index gave back 23.55 points, or 0.2%, to 15,510.01.
In Korea, equities went down, dragged by losses in heavyweight Samsung Electronics.
China, Taiwan, South Korea, Singapore, and Hong Kong will all see shortened trading weeks as the Lunar New Year approaches.
Australian indexes faded Monday, retreating from their all-time high set on Friday. Markets also awaited an interest rate decision from the Reserve Bank of Australia on Tuesday.
CHINA
In Shanghai, the CSI 300 slid recovered 20.79 points, or 0.7%, to 3,200.42.
The People’s Bank of China’s decision, announced two weeks ago, to cut the reserve ratio requirements for banks by 50 basis points came into effect on Monday.
The Caixin survey on services sector activity in China showed a softer expansion for January, compared to December.
In other markets
In Singapore, the Straits Times Index sank 45.48 points or 1.4%, to 3,123,29.
In Taiwan, the Taiex gained 36.14 points, or 0.2%, to 18,096.07.
In Korea, the Kospi index ditched 24 points, or 0.9%, to 2,591.31.
In New Zealand, the NZX 50 fell 2.53 points to 11,928.70.
In Australia, the ASX 200 dropped 73.55 points, or 1%, to 7,625.85.