Investing.com - Asian shares were mixed on Monday with Tokyo closed for a holiday and little to ruffle feathers after Greece returned premier Alexis Tsipras to power.
The Shanghai Composite edged 0.38% higher on Monday morning, while Hong Kong's Hang Seng Index lost 1.16%. The S&P/ASX 200 eased 2.51%.
Chinese markets are expected to get quieter in the days ahead with the week-long holiday due to start Oct. 1. Chinese President Xi Jinping is visiting the U.S. this week and will take most senior government officials with him.
Last week, U.S. stocks fell sharply on Friday amid steep declines in oil prices, as investors continued to react to dovish statements by Federal Reserve chair Janet Yellen on the first full session since the U.S. central bank held short-term rates at near zero-levels on Thursday.
The Dow Jones Industrial Average plummeted 289.95 or 1.74% to 16,384.79, erasing all of its gains from earlier in the week, while the NASDAQ Composite lost 66.72 or 1.36% to close on Friday at 4,827.23. Both indices, though, were relatively flat for the week after falling by less than 0.5% during the span.
The S&P Composite index, meanwhile, fell by 32.12 or 1.61% to 1,958.08, as stocks in all 10 sectors closed in the red. Stocks in the Energy, Industrials and Basic Materials industries lagged, each falling by more than 1.5% on the session.
U.S. stocks were also pushed down by the expiration of four asset classes on Friday in what is known as a "quadruple witching" session.
The rare sessions occur four times a year on the third Friday of March, June, September and December. During a quadruple witching session, Stock Index futures, Stock Index options, stock options and single stock futures all expire on the same day. Since futures and options close simultaneously, equity markets often experience increased trading volume.
The timing of a Fed rate hike has been a constant source of debate in the markets in recent months. Investors are now focusing on the next Fed meeting on October 27-28.
In the week ahead investors will be focusing on U.S. durable goods data as well as reports on U.S. home sales for further indications on the strength of the economy and the likelihood of a near-term interest rate hike.
On Monday, the U.S. is to release a report on existing home sales.