Asian shares were mixed on Monday after Wall Street hit a 20-month high ahead of a week that includes key US inflation data and the Federal Reserve's final interest rate decision of the year.
U.S. futures were lower and oil prices rose to recoup some of the sharp losses in recent months.
Hong Kong's Hang Seng fell 2% to 16,012.42 and the Shanghai Composite fell 0.6% to 2,952.57.
In China, leaders agreed at an annual planning meeting last week to increase spending to speed up the world's second-largest economy, although details on policy changes were not provided.
Despite China's economy growing by around 5% this year, in line with government targets, the recovery following the lifting of strict COVID-19 restrictions was short-lived, with a slowdown expected next year. Data released on Saturday showed Chinese consumer prices fell by the sharpest in three years in November, a new wave of weakness.
Tokyo's Nikkei 225 index rose 1.6% to 32,817.61, while Seoul's Kospi lost 0.1% to 2,514.56. The Australian S&P/ASX 200 was virtually unchanged.
The Indian Sensex was 0.4% higher and the SET in Bangkok rose 0.2%.
On Friday the S&The P500 climbed to its best level in 20 months after a stronger-than-expected US labor market report. The index rose 0.4% to 4,604.37, enough to mark a sixth consecutive winning week for the index.
That is the longest streak in four years. Wall Street's key health metric is now just 4% below the record high set at the start of last year.
The Dow Jones Industrial Average rose 0.4% to 36,247.87, and the Nasdaq composite gained 0.4% to 14,403.97.
Bond market yields rose more sharply after the report, which said U.S. employers added more jobs last month than economists expected. Workers' wages also rose more than expected, and the unemployment rate unexpectedly improved.
The strong data has kept worries about a possible recession at bay, at least for a while, and shares of a number of companies whose profits are closely linked to the strength of the economy recovered. Energy-related stocks posted the biggest gains among the eleven sectors that make up the S&P500, up 1.1% as oil prices rose on hopes of higher fuel demand.
Carrier Global climbed 4.5% for one of the market's bigger gains after announcing it would sell its security business, Global Access Solutions, to Honeywell for $4.95 billion.
Google's parent company, Alphabet, fell 1.4% and was the heaviest weight on the S&P500. A day earlier, the company had jumped on the excitement over the launch of its latest artificial intelligence offering. Other Big Tech stocks were stronger, with Nvidia, Apple and Microsoft all rising.
Also on the losing side was RH. The home furnishings company fell 14% after reporting weaker results for the latest quarter than analysts expected.
The Fed will announce its next interest rate hike on Wednesday. The US government will report on US consumer inflation on Tuesday.
A separate preliminary report on Friday offered more encouragement. It said U.S. consumer expectations for the coming year fell to 3.1% from 4.5% a month earlier, the lowest since March 2021. The Fed has said it is paying attention to such expectations, fearing a rise could lead to vicious circle could lead. that keeps inflation high.
In the oil market, a barrel of U.S. benchmark oil rose 40 cents to $71.63, although it is still more than $20 lower than in September. Concerns have arisen that demand from the global economy will not be strong enough to absorb all available supplies in the world.
Brent crude, the international standard, rose 45 cents to $76.29 a barrel.
In currency transactions, the US dollar rose from 144.93 yen to 145.40 Japanese yen. The euro rose from $1.0761 to $1.0766.