Asian markets were mixed as the Wall Street rally waned, and oil rose after the Russian mercenary rebellion was suppressed.
Asia-Pacific markets started the last week of June mixed, despite US markets hitting a streak of several weeks on Friday.
In a note released early Monday, CMC Markets analyst Tina Teng wrote that “economic concerns have come to the fore again as recession fears mount, as rising rates in both Europe and the US have shaken global markets.”
Over the weekend, Europe also witnessed a brief revolt by the Wagner special military group in Russia, pushing oil prices higher on Monday.
In Japan, the Nikkei 225 reversed its previous losses and rose 0.14 percent, while Topix rose 0.13 percent. Services sector prices in Japan increased by 1.6 percent year-on-year in May, unchanged compared to the previous month.
South Korea’s Kospi was also in the green, up 0.45 percent, while the Kosdaq saw a larger gain of 0.55 percent.
Hong Kong’s Hang Seng index rebounded from last week’s losses and opened up 0.42 percent. By contrast, mainland Chinese equities fell, with the Shanghai Composite Index slipping 0.79 percent and the Shenzhen Component Index down 0.78 percent.
In Australia, the S&P/ASX 200 fell 0.41 percent, driven by energy stocks.