BANGKOK -- World markets were mixed Monday as Greece's parliament began debating harsh new austerity measures that must pass for the country get its next batch of emergency financial aid.

Oil prices fell below $91 a barrel. The dollar dipped against the euro but was higher against the yen.

In early European trading, Britain's FTSE 100 was 0.4% higher at 5,717.80, while Germany's DAX rose 0.1% to 7,129.43. France's CAC-40 was 0.3% higher at 3,794.70.

Wall Street was set for a higher opening, with Dow Jones Industrial Average futures 0.2% higher at 11,910 and S&P 500 futures rising 0.3% to 1,267.50.

Earlier, Japan's Nikkei 225 fell 1% to close at 9,578.31, with even export shares failing to get a bounce from the weakening yen, which makes Japanese products cheaper overseas. Toyota ( TM), the world's largest auto maker, fell 2.3%. Electronics giant Sony ( SNE) lost 2.1%.

South Korea's Kospi lost 1% to 2,070.29 and Hong Kong's Hang Seng fell 0.6% to 22,041.77. Analysts said the overriding worry of the week was whether debt-drenched Greece would enact a slew of harsh austerity measures in order for the country to receive a chunk of its multibillion euro bailout.

If those measures fail to win parliamentary approval, the country would run out of money in mid-July and be at serious risk of defaulting on its debts, a prospect that could unleash financial shocks globally.

Tey Tze Ming, a trader at Saxo Capital Markets in Singapore, said the European debt crisis -- if it blows up and spreads beyond Greece to a major economy like Spain -- would be felt very keenly by Asian economies that are heavily dependent on exporting to Western Europe.

"In the short term, I think stocks in Asia are going to be in for a bit more pain. I think there's a lot more downside," Ming said.

A slump in tech shares on Wall Street on Friday carried over to Asia. South Korea's Hynix Semiconductor, one of the world's leading computer chip makers, was 4.3% down. Japanese chipmaker Elpida Memory slipped 2%, and Taiwan Semiconductor Manufacturing lost 1.2%.

But tumbling oil prices, which translate into lower fuel costs, helped sustain airline shares. Air China rose 5% in Hong Kong.

Australia's ASX/S&P 200 lost 1% to 4,461.80 amid a banking sector slip. Commonwealth Bank of Australia, the country's largest lender, dropped 1.3%.

Benchmarks in Singapore, Indonesia, Taiwan and Thailand were also lower, while mainland China's Shanghai Composite Index gained 0.4% to 2,758.23 while the smaller Shenzhen Composite Index added 1.1% to 1,148.63.

Meanwhile, Italian banks were down sharply Friday on the Milan stock exchange after ratings agency Moody's said it was considering downgrading their credit worthiness. Moody's Investors Service placed the long-term debt and deposit ratings of 16 Italian banks and two Italian government-related financial institutions on review for a possible downgrade.

On Wall Street, stocks fell Friday after poor earnings reports from two major technology companies suggested that companies invested less in new technology as the economic recovery slowed.

The Dow fell 1% to 11,934.58. The Standard & Poor's 500 index fell 1.2% to 1,268.45. The Nasdaq composite fell 1.3% to 2,652.89.

The U.S. economy has cooled since late April. Recent reports on housing, employment, manufacturing and retail sales all have been weak. The debt crisis in Greece and fears that China's growth is slowing have also pushed markets lower.

In energy trading, benchmark oil for August delivery was down 83 cents to $90.33 a barrel in electronic trading on the New York Mercantile Exchange. Crude rose 14 cents to settle at $91.16 on Friday.

In currencies, the euro strengthened $1.4205 from $1.4171 on Friday in New York. The dollar ticked up to 80.74 yen from 80.52 yen.
Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

If you liked this article you might like

The Dow's Wild Ride - 5 Things You Must Know Before the Market Opens Tuesday

The Dow's Wild Ride - 5 Things You Must Know Before the Market Opens Tuesday

The Dow Decline and Everything Else You Must Know Before You Trade Tuesday

The Dow Decline and Everything Else You Must Know Before You Trade Tuesday

Super Bowl 52 Advertisers Not Seeing a Stock Bump Amid Market Selloff

Super Bowl 52 Advertisers Not Seeing a Stock Bump Amid Market Selloff

Top 5 Super Bowl 52 Commercials

Top 5 Super Bowl 52 Commercials