Hong Kong's Hang Seng Index was down 0.46%, Australia's S&P/ASX200 was down 0.62%, while Japan’s Nikkei 225 Index was down 0.68%.
Germany and France are at odds over a timeframe to centralize banking supervision, a European Union reform proposal, with Germany hoping to delay giving the European Central Bank more power to oversee the eurozone's financial institutions.
Such friction, while no cause for alarm, did send higher-yielding currencies and stocks falling as investors snapped up dollar positions on concerns further policy delays that could prolong the debt crisis.
The news ended last week's risk-on trading session on reports Spain was moving closer to requesting a sovereign bailout.
A bailout would allow the European Central Bank to step in and buy Spanish sovereign debt, which would lower borrowing costs in the large European economy.
Yields on Spanish 10-year bonds this year have repeatedly soared above the 7% threshold considered unsustainable by the markets.
Germany’s Finance Minister Wolfgang Schaeuble, however, said recently that Spain did not need a sovereign bailout on grounds that a recent a rescue package arranged for the country's financial sector is already boosting the country's reputation in financial markets.
Some investors sold to wait for U.S. government to release its final read on second-quarter gross domestic product growth figures later this week.
In Hong Kong, top decliners included CHACLO, down 2.14%, China Petroleum, down 1.53%, and China Overseas, down 1.50%.
In Australia, top decliners included Arrium, down 38.30%, Intrepid Mines, down 8.74%, and FKP Property Group, down 5.88%.
European stock futures indicated a lower opening.
France's CAC 40 futures pointed to a loss of 0.16%, while Germany's DAX 30 futures pointed to a loss of 0.12%. Meanwhile in the U.K., FTSE 100 futures indicated a loss of 0.45%.
Dow Jones Industrial Average futures pointed to a loss of 0.13% while the S&P 500 futures were down 0.15%. Later Monday, the Bank of Japan will release the minutes of its most recent policy setting meeting, which contain important insights into current economic conditions from the bank’s perspective and could shed light on the global economy.
Germany, meanwhile, will release data on its business climate, a leading indicator of the country's economic health.
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