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Asia stocks closed with gains Monday, while shares in Europe were trading lower and stocks in the U.S look set to open to the downside as the U.S. Treasury Department readies a plan to buy up to $700 billion in bad mortgage-related debt.

The hope is that the bailout will stem the financial crisis that has shuttered investment banks, forced mergers and caused panic among investors.

Lawmakers in the U.S. were reportedly grappling Sunday over details of the plan.

Japan's Nikkei 225 stock average closed higher by 169.73 points, or 1.4%, to 12,090.59, while shares on the Hang Seng index in Hong Kong rose 1.6%.

In Europe, the FTSE 100 index in London fell 39.53 points, or 0.7%, to 5,271.77. The DAX in Germany fell 21.16 points, or 0.3%, to 6168.37.

Futures on the

S&P 500

in the U.S. were down 8.60 points to 1237.40, and were 20.29 points below fair value.


futures fell 6.50 points to 1733.00, and were 22.66 points below fair value.

Oil prices rose almost $2 a barrel in electronic trading on the New York Mercantile Exchange to $106.52.