Global Stocks Lower; Hang Seng Falls 2.1%

NEW YORK (TheStreet) -- Stocks in Hong Kong fell 2.1% and European shares were lower Monday following House passage of health care legislation in the U.S. and continued concerns over Greece's ability to pay its debts.

The House of Representatives late Sunday passed a sweeping $940 billion overhaul of the U.S. health care system. The bill passed in a 219-212 vote; all 178 Republicans opposed the legislation.

Meanwhile, German Chancellor Angela Merkel said Sunday that Greece needs no financial help and that the European Union shouldn't make aid for Greece an issue at its summit Thursday.

Other Asian markets finished lower. China bucked the trend with the Shanghai benchmark index gaining 0.2%. Japanese markets were closed for a national holiday.

Also adding to investor worries overseas was a surprise decision by the Reserve Bank of India late Friday to raise interest rates in an effort to stem the rise of inflation as the country's economy rebounds.

Stocks in London and Frankfurt were falling 0.6% and 0.4%, respectively.

Premarket futures suggested stocks would open lower Monday on Wall Street.

The Dow Jones Industrial Average fell Friday by 0.3% to 10,741.98 and the S&P 500 lost 0.5%.

-- Reported by Joseph Woelfel in New York.

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