Asian Shares Mixed Before New Year

(RTTNews) - Asian stocks ended mixed on Monday as a cautious undertone prevailed, heading into year-end. Higher U.S. Treasury yields underpinned the dollar in Asian trade while oil and gold were little changed.

China's Shanghai Composite index edged up by 0.21 percent to 3,407.33 ahead of manufacturing PMI data due on Tuesday. Hong Kong's Hang Seng index finished down 0.24 percent at 20,041.42. Tech giant Baidu fell 1.4 percent.

Japanese markets fell sharply after three days of gains. The Nikkei average dipped 0.96 percent to 39,894.54, with technology stocks and heavyweights pacing the declines. The broader Topix index settled 0.60 percent lower at 2,784.92. SoftBank Group shed 0.8 percent and Fast Retailing declined 1.6 percent.

The yen held around five-month lows against the dollar underpinned by rising U.S. yields.

Seoul stocks ended lower after investigators sought an arrest warrant for suspended President Yoon Suk Yeol over his brief martial law declaration. Traders also digested weak data that showed factory output fell more sharply than expected in November.

The Kospi average slipped 0.22 percent to 2,399.49. Jeju Air shares plunged 8.7 percent after 179 people died in a crash involving the aircraft on Sunday.

South Korea's transport ministry said it was "reviewing plans to conduct a special inspection on (Boeing) B737-800 aircraft" after the crash.

Australian markets reversed a three-session winning streak, with financials, property developers and technology stocks leading losses.

The benchmark S&P/ASX 200 dropped 0.32 percent to 8,235 while the broader All Ordinaries index closed 0.28 percent lower at 8,496.

Energy stocks and coal miners advanced, with Woodside Energy and Whitehaven Coal rising 1 percent and 2.5 percent, respectively.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index rose 0.49 percent to 13,270.01.

U.S. stocks tumbled on Friday as yields on 10-Year Treasury Note rose to near 8-month high, prompting profit-taking across the board ahead of the new year and thwarting the seasonal Santa Claus rally.

The Dow shed 0.8 percent to snap a five-session winning streak but rose 1.4 percent for the week.

The S&P 500 and Nasdaq Composite fell 1.1 percent and 1.5 percent, respectively but ended up by more than 1.5 percent for the week.