Asian markets were mostly lower Monday, heading for their worst quarterly performance in over five years, on persistent concerns about the global credit crunch and the impact of weakening U.S. consumer demand on the region's exports.
Oil prices, among the top performing asset classes so far this year, extended falls from the previous session after the restart of a crude pipeline system in Iraq eased concerns over supply.
A choppy U.S. dollar kept other commodity prices steady, following a quarter in which a slumping greenback has sent the prices of asset classes such as gold to record highs.
Tokyo's fell almost 2 percent, with investors locking in profits following last week's sharp gains and before a raft of key economic data. Financial shares were under selling pressure, with Japan's third-largest bank Mizuho Financial Group down over 3 percent, after their U.S. peers fell on concerns about potential dividend cuts. Trading house Marubeni plunged more than 6 percent after Lehman Brothers said it planned to sue Marubeni for repayment over a case of suspected fraud.
Japan's industrial output fell 1.2 percent in February from a month earlier, compared with a median market forecast for a 2.1 decline. Manufacturers' output, the core component of production, is expected to rise 2.0 percent in March but decrease 1.0 percent in April, data from the Ministry of Economy, Trade and Industry showed on Monday.
Seoul stocks were treading water, with gains in technology shares fueled by prospects of solid first-quarter earnings undermined by financials and automakers. Samsung Electronics, the world's largest memory chipmaker, gained on expectation that its earnings would be boosted by strong results in its liquid crystal display unit.
Australian shares were little changed as ongoing credit concerns pressured banks including Australia and New Zealand Banking Group, offsetting strength in top miner BHP Billiton. Centro Properties Group rose over 8 percent, adding to a 16.3 percent rise in the previous session, on optimism the debt-laden company would soon secure a deal with its creditors.
Hong Kong stocks tracked softer overseas markets, snapping four straight days of gains which saw the index rise more than 2,000 points. Solargiga Energy edged up slightly after a flat open as the Chinese solar wafer maker made its market debut.
Singapore's Straits Times Index was flat, but Olam International rose as much as 8.2 percent after the commodities firm said it plans to raise funds through a share sale.
China's Shanghai Composite Index was down over 2 percent, led by large caps, after rumors last week that the government would announce market-friendly steps, such as a cut in the stock stamp duty, were not followed up by concrete measures. Industrial and Commercial Bank of China, China's top lender, dropped 3 percent.
Oil prices, among the top performing asset classes so far this year, extended falls from the previous session after the restart of a crude pipeline system in Iraq eased concerns over supply.
A choppy U.S. dollar kept other commodity prices steady, following a quarter in which a slumping greenback has sent the prices of asset classes such as gold to record highs.
Tokyo's fell almost 2 percent, with investors locking in profits following last week's sharp gains and before a raft of key economic data. Financial shares were under selling pressure, with Japan's third-largest bank Mizuho Financial Group down over 3 percent, after their U.S. peers fell on concerns about potential dividend cuts. Trading house Marubeni plunged more than 6 percent after Lehman Brothers said it planned to sue Marubeni for repayment over a case of suspected fraud.
Japan's industrial output fell 1.2 percent in February from a month earlier, compared with a median market forecast for a 2.1 decline. Manufacturers' output, the core component of production, is expected to rise 2.0 percent in March but decrease 1.0 percent in April, data from the Ministry of Economy, Trade and Industry showed on Monday.
Seoul stocks were treading water, with gains in technology shares fueled by prospects of solid first-quarter earnings undermined by financials and automakers. Samsung Electronics, the world's largest memory chipmaker, gained on expectation that its earnings would be boosted by strong results in its liquid crystal display unit.
Australian shares were little changed as ongoing credit concerns pressured banks including Australia and New Zealand Banking Group, offsetting strength in top miner BHP Billiton. Centro Properties Group rose over 8 percent, adding to a 16.3 percent rise in the previous session, on optimism the debt-laden company would soon secure a deal with its creditors.
Hong Kong stocks tracked softer overseas markets, snapping four straight days of gains which saw the index rise more than 2,000 points. Solargiga Energy edged up slightly after a flat open as the Chinese solar wafer maker made its market debut.
Singapore's Straits Times Index was flat, but Olam International rose as much as 8.2 percent after the commodities firm said it plans to raise funds through a share sale.
China's Shanghai Composite Index was down over 2 percent, led by large caps, after rumors last week that the government would announce market-friendly steps, such as a cut in the stock stamp duty, were not followed up by concrete measures. Industrial and Commercial Bank of China, China's top lender, dropped 3 percent.
