Asian markets were mostly lower on Monday as better-than-expected US growth data failed to offset concerns over corporate earnings.

Moody's Investors Service on Monday raised the Philippines' sovereign credit rating to one notch below investment grade, citing the country's strong economic prospects and stable financial system.

China Southern Airlines, the country's largest airline by fleet size, said Sunday its third quarter net profit fell 29 percent compared to a year earlier due to foreign exchange losses.

Stocks in London closed flat on Friday despite afternoon gains sparked by figures showing a pick up in the US growth rate, traders said.

European stock markets fell on Friday on weak US earnings, while the euro slid against the dollar as Spain said its unemployment rate had reached 25 percent for the first time, traders said.

Some of the biggest names in US industry are cutting back staff and shutting plants in Europe as the continent is buffeted by grinding recession and a never-ending financial crisis.

Stocks in London were little changed on Thursday, but the pound gained ground after data showed that Britain had marched smartly out of recession, news that offset a sharp drop in profit at Spanish banking giant Santander.

An adviser to President Barack Obama warned Wednesday that Mitt Romney could set off tensions with China if elected, as the Republican challenger vowed a tough line on issues from trade to human rights.

Asian shares were mixed on Monday as lingering hopes for the global economy were offset by profit-taking after last week's healthy gains, while heavy losses on Wall Street added to selling pressure.

The Hong Kong dollar on Monday continued to sit at the high end of its trading range against the US dollar despite an intervention late last week by the city's de facto central bank to weaken the unit.

Gambia on Sunday warned banks and businesses against hoarding foreign cash, saying stockpiling currency was illegal and causing prices to rise.

The Hong Kong Monetary Authority has sold $603 million worth of Hong Kong dollars in the foreign exchange market in an effort to curb the currency's rise, a report said.

Stocks in London ended in the red on Friday, hit by a lack of rapid progress towards full banking union at a key EU summit.

Asian markets were mixed on Friday as a week-long rally fuelled by upbeat data out of China and rising hopes for the future of the eurozone was stalled by profit-taking.

Stocks in London rose for the fourth straight day Thursday on growing confidence in Europe as a key summit got underway in Brussels with investors anticipating an improvement in Spain's financial situation.

European stock markets mostly fell on Thursday and the euro dipped versus the dollar before a key EU summit and amid mixed economic news for debt-riddled Spain as it faces heightened bailout speculation.

US stocks fought off early selling pressure linked to disappointing quarterly results from IBM and Intel to close broadly higher Wednesday, extending two days of solid gains.

London's FTSE 100 advanced for the third day running on Tuesday amid easing eurozone debt crisis concerns ahead of a two-day EU summit.

Iraq's cabinet named an interim central bank chief on Tuesday after the bank's well-respected governor, who was on an overseas trip, was suspended amid a currency manipulation probe.

Asian markets rose on Tuesday in response to a strong showing on Wall Street after another round of upbeat data raised hopes for the US economy.