Another record day on Wall Street on Friday was unable to inspire a similar rally at the start of the week, with traders also gearing up for the latest company earnings season.
The People's Bank of China said it had slashed two key rates to all-time lows as part of a drive by authorities to revive spending and achieve their five percent annual economic growth target.
The move comes after figures last week showed the economy expanded at its slowest quarterly pace since the start of 2023, but still better than forecast.
Zhang Zhiwei, president and chief economist at Pinpoint Asset Management, said: "The monetary policy has clearly shifted to a more supportive stance since the press conference on September 24. The real interest rate in China is too high."
Friday's economic growth reading came alongside news that retail sales and industrial output had risen more than expected in September -- providing a ray of light after a string of below-par readings on a range of indicators including inflation, investment, and trade.
Beijing has since last month unveiled a raft of measures to revive the economy -- and particularly the property sector -- including rate cuts, an easing of home-buying rules and pledges to support equity markets.
The announcements inspired a blockbuster rally in mainland and Hong Kong stocks, but some of those gains have been erased after a series of disappointing news conferences that failed to provide any detail or meaningful measures.
"Officials are gradually ramping up support to kick-start the economy -- but the will-they-won't-they of announcements has made the process a rollercoaster for markets," said analysts at Moody's Analytics.
"The latest supports are very welcome. And they're likely to propel the economy to its 'around 5%' target for the year. But more is required if officials are to address the structural challenges in the economy."
Hong Kong tumbled after clocking up a more than three percent gain Friday, but Shanghai edged up.
Tokyo, Singapore, Manila, Bangkok and Mumbai also fell, with Sydney, Seoul, Wellington, Taipei and Jakarta rising.
London advanced, but Paris and Frankfurt both fell.
Investors had been given a positive lead from Wall Street, where the Dow and the S&P 500 pushed to fresh records, helped by strong earnings from Netflix and positive reports on Apple's iPhone sales in China boosted the massive tech sector.
Safe-haven gold prices hit an all-time high of $2,732.82 on news Israel is discussing its retaliation against Iran after Tehran's missile barrage this month, while news that a Hezbollah drone exploded near Prime Minister Benjamin Netanyahu's home stoked tensions.
Oil prices rose, having tumbled more than eight percent last week as uncertainty over the economy in China -- the world's top importer of the commodity.
- Key figures around 0715 GMT -
Tokyo - Nikkei 225: DOWN 0.1 percent at 38,954.60 (close)
Hong Kong - Hang Seng Index: DOWN 1.6 percent at 20,478.46 (close)
Shanghai - Composite: UP 0.2 percent at 3,268.11 (close)
London - FTSE 100: UP 0.3 percent at 8,379.79
Euro/dollar: DOWN at $1.0851 from $1.0868 on Friday
Pound/dollar: DOWN at $1.3024 from $1.3047
Dollar/yen: UP at 149.83 yen from 149.45 yen
Euro/pound: DOWN at 83.29 pence from 83.30 pence
West Texas Intermediate: UP 0.7 percent at $69.73 per barrel
Brent North Sea Crude: UP 0.6 percent at $73.51 per barrel
New York - Dow: UP 0.1 percent at 43,275.91 (close)
dan/fox
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