Asian shares dipped on Monday as concerns about China's property sector and inflation worries offset upbeat U.S. data and positive news on new drugs to fight the coronavirus.
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Trading in shares of debt-laden China Evergrande was suspended after it missed a key interest payment on its offshore debt obligation for the second time last week.
"The biggest problem is not a default by Evergrande but the environment that has led to its downfall. Authorities are regulating housing loans and lending to property firms. Markets are looking for a next Evergrande already," said Kazutaka Kubo, senior economist at Okasan Securities.
"There is rising risk Evergrande's woes will spread to the entire Chinese property sector."
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3per cent. The index marked its first quarterly fall in six quarters.
Hong Kong led the decline with a 1.9per cent fall in the Hang Seng index. Japan's Nikkei erased earlier gains to stand 1.4per cent lower at one-month lows of 28,375.
Chinese mainland markets will be closed until Thursday for the National Day holiday while South Korean markets were also shut on Monday.
MSCI's broadest gauge of world shares, ACWI, slipped 0.1per cent to 711.92, not far from a three-month low hit on Friday at 705.27.
Investor sentiment got a lift on Friday after Merck & Co said an experimental oral antiviral treatment could halve the chances of dying or being hospitalised for those most at risk of contracting severe COVID-19.
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