An inconclusive election has left Greece's parliament split between supporters and opponents of the 130 billion euro EU/IMF bailout, with neither side able to form a coalition government.
The People's Bank of China cut banks' reserve requirement ratio (RRR) by 50 basis points to 20 percent on Saturday, a move investors had clamored for after data on Friday showed the economy was weakening. The move will free up an estimated 400 billion yuan ($63.5 billion) for lending.
Market players said Japan's Nikkei share average [.N225 8953.31 --- UNCH ] was likely to trade between 8,800 to 8,950 on Monday after Nikkei futures in Chicago closed at 8,965 up 0.2 percent from the close in Osaka of 8,950.
The Nikkei ended down for a sixth week running on Friday, breaching its 200-day moving average of 9,048.44 to close on 8,953.3, and has now given up all gains made since the Feb. 14 Bank of Japan decision to ease policy.
In the current Japanese earnings season, more than 60 percent of the 122 Nikkei companies that have reported January-March earnings have beaten or met market expectations, according to data from Thomson Reuters Starmine.
Nissan Motor shares may jump after it posted on Friday a one-third jump in quarterly profit and projected a 28 percent rise in the year ahead driven by brisk sales momentum in emerging markets.
But Panasonic may come under pressure after it reported a record net loss of 772 billion yen ($9.7 billion) on Friday on slumping TV sales, with shares falling to a 32-year-low ahead of the results.
Seoul shares are seen opening higher, recovering from a 3-1/2 month low after signs of economic weakness prompted China, South Korea's largest trading partner, to free up more funds for banks to lend out.
China, Japan and South Korea agreed at a summit on Sunday to launch negotiations for a three-way free trade pact they said could help fend off global economic chills, but the talks are expected to be long and difficult because of decades of rivalry.
The Korea Composite Stock Price Index (KOSPI) [.KS11 1917.13 --- UNCH ] fell 1.4 percent to close at 1,917.13 points on Friday, posting its worst trading week of 2012.
Australian shares are set to open flat on global uncertainty, after China took more steps to spur growth, Greece failed to form a government and German voters joined the push against austerity in Europe.
Local share price index futures inched up 2 points to 4,287, a 1.9-point premium to the underlying S&P/ASX 200 index [AU;XJO 4285.10 --- UNCH ] close. The benchmark fell 0.2 percent on Friday and posted its worst weekly fall this year as investors steered away from risk.
New Zealand's benchmark NZX 50 index picked up 3.5 points to 3,551.6 in early trade.
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