Updated from 12:33 a.m. EST.
Asian stocks closed mixed Monday as Japan's economy slid into a recession for the first time since 2001 and as a weekend meeting of G-20 nations produced few concrete measures to improve economies across the globe.
Japan's Nikkei 225 stock average closed higher by 0.7% to 8522.58. The Hang Seng index declined 0.4%, while the S&P/ASX 200 index in Australia finished lower by 2.5%. China's Shanghai composite index rose 2.2%.
Japan's economy, the world's second largest, contracted at an annual pace of 0.4% in the July-September quarter after declining an annualized 3.7% in the second quarter as companies sharply cut back on spending in the third quarter amid the unfolding global financial crisis. It means Japan, along with the 15-nation euro zone, is now technically in a recession, defined as two straight quarters of contraction.
Energy stocks in the region were lower as crude oil slipped $1.19 to $55.85 a barrel in electronic trading on the
New York Mercantile Exchange
. Exporters such as
rose as the yen fell against the dollar.
Stocks in Europe were showing losses. The FTSE 100 index fell 0.8%, while the DAX index in Frankfurt fell 0.7%. Energy stocks in Europe also declined. P/>World leaders battling a historic economic crisis agreed over the weekend to flag risky investing and regulatory weak spots in hopes of avoiding future financial meltdowns.
President Bush and leaders from nearly two dozen countries endorsed broad goals to fend off any future calamities and to revive the global economy amid rising unemployment and shrinking savings.
Stock futures in the U.S. were showing a mixed reading after shares on Wall Street closed with losses Friday as traders assessed the worst retail-sales decline on record and companies continued to signal that economic hardship would hurt future profit.
futures rose 6.90 points to 868.40, but were 3.85 points below fair value.
futures rose 7 points to 1162.50, and were 17.55 points below fair value.
Dow Jones Industrial Average
lost 336.85 points, or 3.8%, to 8498.42 on Friday, and the S&P 500 gave back 38 points, or 4.2%, to 873.29. The Nasdaq shed 79.85 points, or 5%, to 1516.85.
For the week, the Dow fell 5%, the S&P 500 dropped 6.2% and the Nasdaq tumbled 7.9%.
The Associated Press contributed to this report.