Investing.com - Asian shares mostly fell on Monday with Tokyo bucking the trend as investors eyed growth prospects in China and Japan after a major industrial accident last week in the Chinese port city of Tianjin that could crimp output for major companies there.
Earlier, Japan said second quarter economic growth fell 0.4%, less than the drop of 0.5% expected and at an annual pace of down 1.6%, also better than the 1.8% decline seen.
The Shanghai Composite fell 0.96%, while the S&P/ASX 200 eased 0.58% and the Hang Seng index was down 1.01%. The Nikkei 225 however rose 0.35%.
Last week, U.S. stocks were higher after the close on Friday, as gains in the Utilities, Financials and Industrials sectors led shares higher.
At the close in NYSE, the Dow Jones Industrial Average added 0.40%, while the S&P 500 index gained 0.39%, and the NASDAQ Composite index climbed 0.29% after data showing that U.S. producer prices were higher for a third straight month in July, while factory output increased at the fastest rate in eight months.
But another report showed that U.S. consumer sentiment dipped slightly in this month.
The largely positive data bolstered the outlook for third quarter growth and underlined expectations for a rate hike by the Federal Reserve as early as next month.
But fears that Chinese devaluation of its currency in a surprise move on Tuesday would hit the global economy weigh on markets.